I've been using QBO for two years and using it to track my inventory quantities, but never entered any costs. Can I do this now and match with my past expenses?

ArtanisHome · ‎July 01, 2020

I need to figure out my inventory value for 2019. Whenever I bought things in the past, the expense was automatically saved to the COGS category but wasn't tied to the products in my inventory. How do I go back and say this expense was for products x,y, and z to get the products' costs filled in without affecting my inventory quantities? Or do I use some other method to enter the costs of the products each time I bought them? I still have all of my receipts so I can get an accurate price for each product each time I bought it.

john-pero · ‎July 01, 2020

No matter if the software makes adjustments to inventory as you sell, or not, a periodic physical inventory count is still required. Based on cost (whether averaged by QB or accurate by your cost) you should have a figure. Then make an adjustment to inventory assets from COGS.

Basically on page 2 of Schedule C is the adjustment. Beginning inventory plus purchased inventory minus inventory at yesr end equals annual COGS.

ArtanisHome · ‎July 01, 2020

Thanks for your reply. At the end of the year we did a physical count and wrote it down. Do you think it's not possible/feasible to do what I was trying to do to enter the values into QB inventory after the fact? I was hoping to get it on track so that I can do it properly going forward...that is, each time I buy from now on, I enter the items in the expense with the rate. Is it too far gone?

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I've been using QBO for two years and using it to track my inventory quantities, but never entered any costs. Can I do this now and match with my past expenses?

I've been using QBO for two years and using it to track my inventory quantities, but never entered any costs. Can I do this now and match with my past expenses?

I've been using QBO for two years and using it to track my inventory quantities, but never entered any costs. Can I do this now and match with my past expenses?

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