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arl1231
Level 2

Cost of Goods

I just realized I have an incorrect amount in my cost of goods.  It is off by a lot so i need to know how i can go back and have them update all transactions from 2019 so my reports are accurate. It is an inventory item and when i change it it appears to only update my cost of goods for future transactions. 

2 Comments
IamjuViel
QuickBooks Team

Cost of Goods

I appreciate the complete details you've shared, @arl1231.

 

Cost of Good Sold in QuickBooks is recorded based on the purchased amount from the expense or bill. Let's review the recorded purchase amount of the transaction and edit it from there. Once you change the amount of the item, it will only affect your future transactions.

 

Here's how:

  1. Go to the Gear Icon.
  2. Choose Products and Services.
  3. Look for the affected item.
  4. From the Actions column, click the Edit link.
  5. Click Save and close.

 

cogs1.PNG

 

For in-depth information, please refer to this article: Understand Inventory Assets and COGS tracking.

 

Also, you can use these articles for more information about tracking what you make and spend on each product or service your sell:

Keep me posted if you have additional questions.  I'm here to help anytime.

Fiat Lux - ASIA
Level 15

Cost of Goods

@arl1231 

Utilize the importer tool to import transaction data as the replacement and deleter tool to delete the old ones in bulk.

https://transactionpro.grsm.io/qbo

https://partners.saasant.com/affiliate/idevaffiliate.php?id=5051_2

 

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