I understand that you want to clean up your inventory valuations, Trey. Let's work together to get this rectified.
We can make an inventory adjustment if you want to correct the quantity on hand. Here's how:
- Ensure you set up an inventory adjustment account.
- Go to Vendors and choose Inventory Activities. Then, select Adjust Quantity/Value on Hand.
- Click Inventory and hit Adjust Quantity/Value on Hand.
- Tap the Adjustment Type dropdown, then select Quantity, Total Value, or Quantity and Total Value. Click the adjustment type option and then select your adjustment account.
- Enter the Adjustment Date.
- Choose the Adjust Account dropdown, then click the adjustment account you set up.
- Add a Reference No. You can also assign a customer, job, or class.
- Click Find & Select Items. Choose the items you want to adjust. If you have a lot, search for any product in the Find field.
- Select Add Selected items.
- Add a new quantity or value (or both) for each item and hit Save and Close.
For further information, check out this link: Adjust your inventory quantity or value in QuickBooks Desktop.
However, if you want to correct the amount of your COGS, we can create a journal entry. I'd suggest seeking advice from your accountant to help you sort this out.
I'll also add this reference to guide you about the possible causes of negative inventory and the steps to fix them: Fix negative inventory issues in QuickBooks Desktop.
Don't hesitate to post a reply if you have additional questions about managing your vendor bills or tracking inventory. I'll always be around to assist.
