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Jakeaccounting
Level 1

Inventory Starting Value: Changing past Cogs

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? 

11 Comments 11
Joseph_A
QuickBooks Team

Inventory Starting Value: Changing past Cogs

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.

Jakeaccounting
Level 1

Inventory Starting Value: Changing past Cogs

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? 

AileneA
QuickBooks Team

Inventory Starting Value: Changing past Cogs

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!

caleb-willisdoma
Level 1

Inventory Starting Value: Changing past Cogs

This is SUPER helpful.  Is there a way to do this in bulk?  I have 2600 SKUs I have to change.

Adrian_A
Moderator

Inventory Starting Value: Changing past Cogs

Hi Caleb,

 

I want to ensure that I'll be providing the correct solution to your query. With that, can you share more details about your concerns? Are you trying to modify bulk SKUs? Or are you trying to edit an inventory starting value by batch?

 

I'll keep an eye on your response.

Glowup
Level 1

Inventory Starting Value: Changing past Cogs

Hi, I tried your workaround to resolve the issue and I still get an error with this message: 
"Select an adjustment date after the last transaction date for this item when it wasn't being tracked in inventory.". 

Is there any other way to resolve this issue?

AileneA
QuickBooks Team

Inventory Starting Value: Changing past Cogs

Hello, Glowup. Thanks for bringing your concern to our attention, and I appreciate you following the workaround above.

 

Let me share with you how to choose the as of date to prevent any error. The inventory as of date is the date you start tracking the quantity on hand of an inventory item in QuickBooks. Therefore, If you're setting up a new inventory item, select an as-of-date that comes before any transactions you might want to create that use the item or If you're converting another item type to an inventory item. The item has already been used in transactions, and you must choose a date after the most recent transaction that used this item.

 

To the as-of-date effect on transactions, you can only use an inventory item in transactions dated after the item's inventory as-of-date. For example, you create an inventory item and start tracking the quantity on hand on December 1. If you try to use that item on an invoice dated November 30, QuickBooks doesn't let you save the invoice because the invoice date comes before the date you started tracking that item's quantity on hand.

 

Therefore, before proceeding with the change, I suggest you review your accounting records to ensure that the difference in the inventory's initial value will not significantly impact managing your financial statements.
 

  1. Click Sales on the left menu and go to the Products and Services tab.
  2. Look for the inventory item and click Edit.
  3. In the Product/Service information window, click the Starting value hyperlink.
  4. Tap Got it! And it will route you to the Inventory Starting Value page.
  5. Change the As-of date and other inventory details if necessary.
  6. Press Save and close.

 

 

You can use this article for reference when setting up an inventory item: Set up and track your inventory in QuickBooks Online. It provides a step-by-step guide on how to get started with monitoring your inventory efficiently.


Additionally, you can refer to this article to learn more about Inventory in QBO: Get Started with Inventory.

 

It's my pleasure to help you if you have other inventory or transaction concerns. Just leave it in the comments section below or create a new thread. Have a great day, and keep safe!

Glowup
Level 1

Inventory Starting Value: Changing past Cogs

Dear Aliene, 

 

Thank you for extending your support and taking the time to explain the matter in details. 

 

I have followed the steps shared and the starting date will not be saved and shows me the following message: "Select an adjustment date after the last transaction date for this item when it wasn't being tracked in inventory."

 

Is there any way I can change/adjust the starting date of a product in such case?

 

This problem is causing trouble in syncing historical transactions from my shopify account to quickbooks. I would greatly appreciate it if you could help me resolve the matter.

 

Thank you again.

KayePe
QuickBooks Team

Inventory Starting Value: Changing past Cogs

It's good to see you here again, Glowup. I'm here to assist you further in adjusting your inventory date in QuickBooks Online (QBO).

 

To save the starting date, select an adjustment date that comes after the last transaction date for that item. To do this, you first need to determine the last transaction date for the item so that you can use it as a reference point. Let me show you how:

 

  1. Go to Reports, then select Sales by Product/Service.
  2. Choose All Dates in the Report period to view all transactions.
  3. Take note of the date once you see the last transaction date of the item you wish to edit the adjustment date.

 

After that, refer to the steps given by my colleague above to adjust the starting date of your product. Note to select the after date of the last transaction of the product.

 

On the other hand, you may visit this article as your guidance in manually tracking the value of inventory assets: Track inventory manually in QuickBooks Online

 

Feel free to comment with more questions about adjusting your inventory date in QBO. I'm here to help you. Have a good one!  

Glado1
Level 1

Inventory Starting Value: Changing past Cogs

What if the stock is a batched amount with no specific stock in hand(the stocks are of various types ) 

Kindly assist

AileneA
QuickBooks Team

Inventory Starting Value: Changing past Cogs

Hello, Glado1.

 

I'd be happy to help, but I need more information about your concern. Can you provide more details about the batched amount of stock with no specific stock in hand and the various types of stocks you're referring to?

 

With the additional context, I can explore solutions to address your concerns. Please feel free to provide any further details or a screenshot that you think will help me understand your situation. 

 

I will keep an eye out for your response. Have a great day!

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