COGS Newbie

I can share some information about updating your information that will show in your reports, @Toznator. 

You mentioned correcting COGS, are you referring to the accounts used? Note that updating accounts won't affect past transactions, only future ones. 

If you want to show updated costs in your report, recording journal entries can be a good option. However, it is important to use the appropriate categories to avoid messing up your account. To ensure that you use the correct accounts when recording journal entries in QuickBooks, I would suggest consulting with a trained and qualified accountant. They can provide you with the necessary guidance and help you avoid any potential errors. 

Here's how:

1. Go to the Company menu and select Make General Journal Entries.
2. Provide your debit and credit amounts.
3. Click Save or Save & Close.

Here's more information about creating a journal entry in QuickBooks Desktop for Windows or Mac. 

Refer to this article for more information about how QuickBooks handles inventory assets, average cost, and Cost of Goods Sold (COGS): Understand inventory assets and cost of goods sold tracking. 

For more information on how to add filters to your report and get the exact data you need, check out the article: Customize reports in QuickBooks Desktop. 

Let me know if you need further information about your reports. I'm always here to assist. Have a great rest of the day!

@Toznator,

What did you do to update the COGS of items?

The only way to effectively update (reset) the cost of an inventory item and have it reflect correctly on sales would be through a Bill or Inventory Adjustment dated prior to the sale date.

The item should not have any quantity on the date prior to the adjustment stated above.

Let me know if you need more detailed instructions.

Let me know if this helps.

(Please cheer/kudo if you like my answer.)

JS