inventory cost adjustment in QBO

Hello there, @bob1221. Thank you for being a member of the QuickBooks family. 

When you create an inventory adjustment, the affected accounts are your Inventory Asset and Inventory Shrinkage. In the Transaction Journal of your inventory adjustment, it'll show two sets of the adjustment.

The adjustment wherein there are no amounts denotes the change in your inventory quantity. While the other denotes the change in the value of your inventory.

For now, we can manually change the cost of your item so that to be updated with the current market cost. You can follow these simple steps:

1. Select Sales from the sidebar menu.
2. Choose the Products and Services tab.
3. Find the appropriate item.
4. In the ACTION column, click the Edit link.
5. Enter the updated amount in the Cost field.
6. Click Save and close when you're done.

I've also included an article that will guide in tracking the things that you buy and sell, and the status of your inventory: Use reports to see your sales and inventory status.

I've attached an article for more information about inventory.

Feel free to leave a comment below if you have any other concerns.

Lolly,

The steps you provide will change the starting value of the item which occurred 2 or 3 years ago. That correction was done via a journal entry previously. In order to avoid doing a journal entry every time there is a sale, I want to adjust the unit cost of the product to what it should be. How can this be accomplished without effecting the historical information in the system?

Thank you,

Bob1221

Hey there again, @bob1221. 

Thanks for reaching back out to us. I can provide you with some insight on this matter. 

As of right now, this action isn't going to available in your QuickBooks Online account. However, you can submit feedback to our Product Developers so they can decide whether to add this in the near future to the system. 

You can also keep up with what's new in your product by visiting our Blog site. 

Feel free to come back with any other questions or concerns that you may have. We're always here to lend a helping hand. Best wishes!