Realizing Expenses After Invoicing

I appreciate the complete details you've shared, @Chloecs.

Tracking your inventory purchase cost varies from business to business. There are three ways to record the cost of your inventory items in QuickBooks. 

• Creating a purchase order 
• Receive inventory with or without a bill
• Record bill and its payments
• Create a journal entry

There's no need to retype your invoices to update your inventory expense or cost. You can clone your company file, and update/correct your inventory setup. You can only export and import the correct data on the other company file. Here's how to export items:

1. Click Lists.
2. Choose Item List.
3. Click the Excel tab. 
4. Choose Export All Items.
5. Click Export.
6. Save the data file. For more insights, you can refer to this link: Export CSV files.

Here's how to import data on the other company file:

1. Click File.
2. Choose Utilities.
3. Select Import.
4. Click Excel Files.
5. Continue the prompts. For your guide, you can use this article: Import MS Excel files.

Also, you can do inventory adjustments to ensure you're correctly tracking your items in QuickBooks. As long as you've posted the adjustment to their proper accounts, your inventory status report will show accurate tracking of your inventory quantities. You can read through this article for more detailed information about tracking COGS correctly: Adjust your inventory quantity or value in QuickBooks Desktop.

Lastly, I'd recommend consulting with an accountant to ensure that you're guided accurately in managing your inventory items.

Keep in touch if you have other questions about tracking inventory in QuickBooks. I'm always around to answer them. Have a good one.

I'm here to ensure everything is flawless, @Chloecs.

Did the information on how you can track your inventory expenses in QuickBooks answer your inquiry? Were you able to perform the steps I've shared to correct your inventory setup?

I'll be around if you need more help with your concern. Wishing you all the best.