Can I batch edit parts list without accidentally affecting COGS?

Sagely Sown · ‎January 06, 2020

I recently took over the family business inventory. Over the past 9 years of business, we have amassed quite a large part list. Unfortunately, a lot of these parts were added via a mobile device which automatically adds new part #'s as services. Also, we have a lot of duplicate parts & I want to properly categorize each part for ease of access & reporting purposes.

I am tempted to export the entire parts list to edit in excel, delete all the parts out of the system & then reimport my spreadsheet with all the proper information. But I'm worried about unintended consequences in COGS. Any pointers/ideas?

BettyJaneB · ‎January 06, 2020

I'm happy to see you here in the Community, @Sagely Sown.

At this time, there isn't an option to adjust the inventory without affecting the COGS account in QuickBooks Online. This is because inventory is the main component for calculating the Cost of Goods Sold that's reported in the income statement.

Any changes made to the inventory will always affect your company's Current Assets in the Balance Sheet and the COGS accounts. In your case, it would be best to check with an accounting professional to get help adjusting your inventory without affecting the COGS. They can provide you with the best course of action for your business.

You may also visit this link about changing the product and services types in QBO for reference: How to change Product and Service types

I'm always here to help if there's anything else you need concerning QuickBooks, Sagely Sown. Wishing you prosperous year!

View solution in original post

BettyJaneB · ‎January 06, 2020

I'm happy to see you here in the Community, @Sagely Sown.

At this time, there isn't an option to adjust the inventory without affecting the COGS account in QuickBooks Online. This is because inventory is the main component for calculating the Cost of Goods Sold that's reported in the income statement.

Any changes made to the inventory will always affect your company's Current Assets in the Balance Sheet and the COGS accounts. In your case, it would be best to check with an accounting professional to get help adjusting your inventory without affecting the COGS. They can provide you with the best course of action for your business.

You may also visit this link about changing the product and services types in QBO for reference: How to change Product and Service types

I'm always here to help if there's anything else you need concerning QuickBooks, Sagely Sown. Wishing you prosperous year!

Sagely Sown · ‎February 15, 2020

Thanks for the quick response and I apologize for the slow one. With this information in hand, I was able to work with our accountant to straighten up our price list with negatively impacting COGS. Just finished this week

Sagely Sown · ‎February 15, 2020

It took a long time but it is was worth it. On another note, it is ABSOLUTLEY CRITICAL to setup this right. Talk to an accountant to help you with this-even if it takes a month to fix it.

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Can I batch edit parts list without accidentally affecting COGS?