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I've been in business for a few years now, but 2021 is my first year using quickbooks, so not all of my transactions are in QBO. I had a client return an item in January 2021 that was purchased in December 2020. I entered the original 2020 transaction (and corresponding inventory) in quickbooks. I entered a credit memo for the returned product. The COGS on my reports for the returned item is incorrect (I had two lots of this inventory item, one with a cost of $12, and one with a cost of $15). The original transaction shows she purchased the item with a COGS of $15 (which is correct), but when I return it the COGS is $12. Is there a way to correct this?
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No there is not, it is a bug in QBO FIFO inventory
No there is not, it is a bug in QBO FIFO inventory
That's not what I was hoping to hear... Do you have any advice for a work-around? Would you recommend entering an expense linked to COGS for the difference, or would that create other problems?
I'm having the same issue. We sell kits to be used for a trial period. If the kits are returned without purchasing, the COGS is incorrect. This will have a drastic impact on our P&L. Their must be a solution from the QB development team to adjust the COGS when a credit is issued to the same value as the COGS when invoiced to have a zero COGS transaction balance.
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