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Hi there, @IntLeather.
I'll walk you through the steps on how to modify discontinued products in QuickBooks Online.
Yes, your previous closed books will be updated. But not to worry, I have a solution here, so your closed books won't mess up. Let me guide you on how to edit inventory items.
You'll then have to manually reconcile the affected accounts and items. This way, your close books will remain accurate. Let me show you how:
After that, I'd suggest modifying your closed books. Before that, run the Exceptions to Closing Date report first to see the changes you made.
Here's how:
For more details, check out this article: Edit your closed books.
Additionally, you have an option to consult an accountant before performing the process. To ensure your records are in ship shape. They can provide suggestions on how to properly handle the closed books.
Furthermore, check out these articles below on how to manage inventory items and run different inventory reports.
Message me here if you have additional inventory questions or concerns. I'm always here anytime to help. Keep safe, @IntLeather.
So, if I have understood correctly, the procedure is to modify each 1000 items still in inventory,discontinued by clients, in the last 5 years and then proceed to readjust every single year till I get to 2021?
Thanks for your previous answer
Best Regards
Nicola
Glad to have you back, @IntLeather!
Yes, it's best to start modifying your inventory from the oldest up until the latest date, each one at a time. As suggested by my colleague above, modifying your inventory items and their affected account this way will accurately update your books.
I'm also adding this reference with the guidance that'll help you track the status of your inventory items: How to see the Best Sellers, What’s on Hand, the Cost of Goods, and more about your Inventory in Qui...
I'm here to back you up again if you have more questions about managing your inventory. Just leave a reply below and I'll get back to you as soon as possible. Have a good one!
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