cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Super Explorer *

Change an Item mapping

I have a new QuickBooks Enterprise client and it looks like she has categorized an item incorrectly as COGS instead of sales, so every invoice that includes that item credits COGS instead of Sales. Unfortunately, this problem has existed for years and her prior years financials are all incorrect.

How should I correct this? If I correct the account that the item is mapped to, I would think it would change all the historical financials.

Would you just make a JE to correct this year's COGS and Sales balances and create a new item to use going forward?

Solved
Best answer 05-31-2019

Accepted Solutions
QuickBooks Team

Re: Change an Item mapping

Thanks for your reply, George-.


In QuickBooks Desktop, the option to select a date when updating the items account is unavailable. Yes, you’re correct. Just create a journal entry and set the period to the beginning of the year. 

 

Each business has different structure and accounts used to track transactions. I suggest consulting an account for recommendation where to put the balancing debit entry and posting account to use.

 

I'm also adding a link where you'll find the latest enhancements added to the product: 

Product & Industry News.


This should point you in the right direction.


Please know the Community has your back. If you have further questions or concerns about QuickBooks, let me know by clicking the Reply button.

 

4 Comments
Moderator

Re: Change an Item mapping

Thank you for providing the complete details of your concern, @George-.

 

In QuickBooks Desktop, you have an option to update the income account of an item. All future transactions with that item will use the new one. It will also give you a prompt to update the historical financials. With that said, you no longer need to make a journal entry as this troubleshooting will help correct the previous transactions.

 

The steps are simple, and I’ll show you how.

  1. In your client's company file, go to the Lists menu.
  2. Choose Item List.image.png
  3. Locate and double-click the item to open.
  4. Update the Income Account.
  5. Hit Yes on the prompt to update the existing transactions.

image.png

Once done, let's run the QuickReport to view the transactions in the COGS account. Here's how:

  1. Go to the Lists menu at the top.
  2. Choose Chart of Accounts.
  3. Double-click the Cost of Goods Sold.
  4. You can also right-click the account and choose QuickReport.

image.png image.png

Here's an article that may come in handy: Customize reports in QuickBooks Desktop.

 

Should you need tips and related articles in the future, visit our QuickBooks Community help website for reference: QBDT Self-help.

 

This should help you map the items and correct the prior year's financials.

 

Keep me posted on how things go after following these steps. I'll be here if you need any assistance. Have a good one.

Super Explorer *

Re: Change an Item mapping

Thank you for such a detailed reply - I really appreciate it.  

 

Their QBE file has 25 years of history in it and I prefer not to change history.  Is there any way to pick a cut in date, like the beginning of the year? 

 

If not, what do you think about creating a Journal Entry to correct YTD, then change it for future transactions?

QuickBooks Team

Re: Change an Item mapping

Thanks for your reply, George-.


In QuickBooks Desktop, the option to select a date when updating the items account is unavailable. Yes, you’re correct. Just create a journal entry and set the period to the beginning of the year. 

 

Each business has different structure and accounts used to track transactions. I suggest consulting an account for recommendation where to put the balancing debit entry and posting account to use.

 

I'm also adding a link where you'll find the latest enhancements added to the product: 

Product & Industry News.


This should point you in the right direction.


Please know the Community has your back. If you have further questions or concerns about QuickBooks, let me know by clicking the Reply button.

 

Super Explorer *

Re: Change an Item mapping

Thank you

Need to get in touch?

Contact us