Invetory and COGS

Welcome to the Community, @lsmith7000.

You'll need to do an Inventory Adjustment to get your Inventory straightened out. This is better than backdating your Invoice. No worries, I've got the perfect Community Article that will guide you through the process: Adjust your inventory quantity or value in QuickBooks Desktop. Once you've completed the Inventory Adjustment, take a look at your Profit and Loss Report to review the COGS.

For future reference, you can refer to this Community Article: Understand inventory assets and the cost of goods sold tracking.

If you need further assistance, please feel free and leave me a Reply. I'm always here to help you. Have a nice day!

I have a bill and or inventory adjustment in the system but it won't carry over to cost of good sold unless I date the bill before the invoice was done

Let me help fix this one, @lsmith7000.

We can delete the invoice that you've previously created. Since you've already entered the inventory in the system, we can create again the invoice to correct your COGS. Then, use the inventory that you've created so that it would reflect in the P&L report.

Here's how you can delete the invoice:

1. Open the invoice and select the Delete button.
2. Click OK to confirm.

Once done, you can now recreate the invoice to correct your COGS in the P&L report.

Also, I recommend creating a back up first before creating changes. This way, we can make sure that you can recover your data in case you need to undo the changes that you've made.

In addition, you can also customize your P&L report to easily view the transactions that matter the most to your business.

If I can be of further assistance, please let me know by posting below. Hoping this response finds you with a smile.