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J
Jakeaccounting
October 7, 2020
Question

Inventory Starting Value: Changing past Cogs

  • October 7, 2020
  • 1 reply
  • 11 views

I am trying to adjust past inventory costs. When I go to change the date I get the message "Please select a date that comes after the last transaction that used this item when you weren’t tracking it as inventory."

 

I am using Webgility and need to change some of the wrongly classified accounts from non-inventory to inventory. This only works from today forward. I am wanting to apply the cost to last month's transactions. 

 

Any suggestions on how to do this? 

1 reply

J
Joseph_A
October 7, 2020

Hello there, @Jakeaccounting.

 

Let me share some insight with regard to inventory. Basically, QuickBooks Online will refer to the start date of the inventory. You received the prompt because the date of the transaction you're trying to record is after the start date of the inventory item.

 

To remove the prompt, here's how:

  1. Click the Gear icon, then choose Products and Services.
  2. Look for the inventory item and click the Edit button.
  3. On the Quantity on hand, select Starting value.
  4. Click the Got it button, then change the date under As of date.
  5. Hit Save and close.

Here are some related articles about inventory that can help you in the future:

It's my pleasure helping you and I'll be happy to assist you further, have a great day.

J
JakeaccountingAuthor
October 8, 2020

Hello,

 

I am trying to use a date that is earlier than today (10/7/20) and I am getting an error because so. 

Any tips? 

A
AileneAModerator
Moderator
October 8, 2020

Rest assured, I'll help you get to the bottom of this inventory tracking date issue, Jakeaccounting. 

  

The steps provided by my colleague allows you to adjust the start date or As of date in that item. I have another workaround to get rid of the error message when tracking the inventory date.  

 

Open the chart of account, and locate the inventory asset account. Then find the entry for the item that says START, modify that entry and change the date, and save it.

 

 

 

 

For more information, here's an article that talks more about the inventory overview and its setup.  

 

Additionally, read through this article to learn more about creating items: Add inventory products in QuickBooks Online.  

 

I'll be here if you have additional questions. Thanks for dropping by. Have a great day!

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