All the BILLS for inventory were created as Version A. We did not create inventory for version B. We sold many version B units and now have negative inventory for Version B and too much inventory for Version A.
If I adjust inventory the cost of goods changes and profit goes out of whack.
Is there a way to adjust inventory without affecting cost of goods?
I can share some information about adjusting your inventory.
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 legal and accounting advice on what you can do to get past this hurdle.
Please update me on how this goes, Mccoy. I'm your personal QuickBooks guide. Have a good one!
QB does not allow for the transfer of item qty and cost from one item another at all in QBO, and it makes it difficult to do so in desktop.
in QBO you have to use a work around
create a cash type bank account called clearing use inventory adjust, set the adjusting account to the clearing bank account, then lower the qty of item A use any vendor, or create one called inhouse, and "BUY' the item B in the same qty, the total amount is the balance in the clearing bank account