Financial Statements changing in past years

I can help you fix the reporting issues you're experiencing, MerissaL.

To have the latest features and fixes, let's keep your company file up-to-date. Let me show you how:

1. Go to the Help menu and select Update QuickBooks Desktop.
2. Click the Update Now tab and select the Reset Update checkbox to clear all previous update downloads.
3. Select Get Updates to start the download.
4. When the download finishes, close and reopen QuickBooks.

Then, you can get tools that will also help you fix company file issues by downloading and install the QuickBooks Toll Hub. To get the link where you can download it and the steps on how it works, you can click the article: Fix common problems and errors with the QuickBooks Desktop Tool Hub.

You can look into your reports and tax returns to check if you're seeing the correct amounts. If the issue persists, you'll want to get in touch with our Phone Support Team who can do a remote session and closely look into your company file. 

Let me know by mentioning me in your reply on how these troubleshooting work. I'm here to help you. Take care!

Good morning Catherine,

Our IT department always keeps our files up to date. This has been an ongoing issue for some time that we cannot seem to get resolved.

Thank you,

Merissa

Rebuild will only change data in order to fix it. So, if your numbers change after rebuild then they were wrong before.

In the case of GOGS changing, where the numbers are based on the automatic calculations for inventory items, the Verify function probably would have shown "item cost history" errors for one or more items, which were then repaired by Rebuild.

We see this type of corruption in many of our client files. It is often associated with another error where the total transaction count is wrong. We think this suggests that something happened either while recording a new transaction that used inventory items, or (more likely) while deleting one, where QuickBooks crashed part-way through the process. As a result some tables were updated and not others.

For example, a transaction was actually deleted, but then the code that updates the total transaction count and also the code that recalculates the COGS and inventory history for the item(s) on the transaction didn't run because QB crashed or hung first. If that were to happen, then all new sales entered after that point could well have the wrong COGS amounts, which are then fixed when Rebuild is run.

That is absolutely correct. Is there a way to fix this? Our retained earnings perpetually changes after rebuilds and rebuilds are required weekly.

Let's get this escalated by contacting our QuickBooks Live Support Team, MerissaL.

Since your Retained Earnings account changes after rebuilding the data and using the File Doctor, I recommend contacting our Support Team. They can help repair your file for you.

Here's how to get in touch with them:

1. Open QuickBooks.
2. Go to Help, then select QuickBooks Desktop Help.
3. Select Contact Us.
4. Give a brief description of your issue, then select Let's talk.
5. Choose a way to connect.
    

I'm adding this link to help check the total of your company's income and expenses from all previous years: How to view Retained Earnings account details.

Stay in touch with me if you need more help with your financial statements. I'll be right here to provide the information whenever you have follow-up questions about it.

What was the resolution here. The same issue is happening to us for 2020 and 2021. 

What is the resolution. The same frustrating situation is happening to my statements. 

Hello, Amie. 

I agree that it can be frustrating to see the constant changes in a closed financial period. I would like to take this opportunity and help you out in fixing your COGS and inventory account in your statements. 

As what BigRedConsulting stated, there is a possible data issue in the company file, which explains the unusual amount changes in your COGS and inventory accounts. We can refer to their reply above for the full details on why this is happening. 

The Verify method usually checks for any data issues and correct the amounts in the Rebuild process. However since the data still changes after doing this, we can download the Tool Hub utility to fix the problem. 

Here's how: 

1. Download the Tool Hub installer (version 1.5.0.0) here: Direct link. 
2. Run the installer and proceed with the installation. 
3. After installing, run the Tool Hub then select Company File Issues 
4. Proceed with Quick Fix my File and wait for it to complete the process. 

After doing the process, check your financial statements' inventory and COGS accounts. 

A reference about the Tool Hub utility can also be found here: Fix company file and network issues with QuickBooks File Doctor.

If you'd also like to check on other reports, we can take a look at this article for a guide on what reports we can pull up: Understand reports. 

Ready to reconcile your account for the next period after fixing the data issue? Take a look at this article for a guide on the process: Reconcile an account in QuickBooks Desktop.

Please let me know if there's anything else you need to take care of in QuickBooks. I'll help you run reports, record your entries, and more. I'll see you again real soon. 

I recently realized that 7 of our last 8 years financial statements changed after the quickbooks update ran.  I tried to follow the steps you mentioned but it did not fix the problem.  This is a major issue that historical data is changed due to an update.  We experienced changes to Retained Earnings, Inventory Assets, Expenses, Accounts Payable and Cost of Goods Sold from 2014 forward.  (our company file started in 2013).  To fix my problem I have entered manual adjusting journal entries for each of the years mentioned to adjust to the correct balances that we used for tax return purposes.  Thank goodness I had backups and paper copies to compare and correct from.  This has been a nightmare.