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JodyB1
Level 3

P&L and missed inventory item on group item on invoices

I have QB 2018 Premier Manufacturing & Wholesale edition. I have a problem where we sold an item that is set up as a group item that includes inventory items. Not communicated to me was that a change was made to how one of the individual items in that group was sold. It used to be the main component but is now a part but not the main component. The new main component was not entered into the group item and 8 purchases were made in the past few months. How do I get the new main component to show on the P&L so it puts the COGS price into the P&L? I saw in the QB help that doing an inventory adjustment is not for when it involves a sale or purchase. What are good steps to follow here? It is now the beginning of Oct and the sales involve July & Aug. Thanks for any help.

Solved
Best answer October 02, 2020

Best Answers
Rejeil_O
QuickBooks Team

P&L and missed inventory item on group item on invoices

Hello there, @JodyB1.

 

Let me step in and assist you with your concern.

 

If your transactions in July and August are not yet reconciled. You'll have to delete your purchase were your new main component is not included and add your new main component in the group item. Then, you can recreate the transactions to show the COGS in the report.

 

You can follow these steps on how:

 

First, is to delete the transactions were your new main component is not included. Here's how:

 

  1. Go to the transaction you want to delete.
  2. Click the Delete button.
  3. Select OK to confirm the action.

You can also read this article to help you delete multiple transactions: Batch delete or void transactions in QuickBooks Desktop Accountant Edition.

 

Next, add your new main component in your group item.

 

  1. Go to the List menu, then Item List.
  2. Select the Group you want to add your new main component.
  3. Click the drop-down arrow in the item line.
  4. Choose your new main component you want to add.
  5. Hit the OK button to save.

 

Once done, you can recreate the purchases again.

 

However, if your transactions in July and Aug are already reconciled, you can do mini-reconciliation. After that, you can delete the transactions. Then, add the item in the group and recreate the purchases again.

 

I've also added an article to help you customize to pull up a specific report. Then, memorize it to save the modification settings on your profit and loss report: 

 

 

If you have additional questions, feel free to leave a message in the comment section. I'm always around here in the Community to help. Take care, and have a great day.

View solution in original post

3 Comments
Rejeil_O
QuickBooks Team

P&L and missed inventory item on group item on invoices

Hello there, @JodyB1.

 

Let me step in and assist you with your concern.

 

If your transactions in July and August are not yet reconciled. You'll have to delete your purchase were your new main component is not included and add your new main component in the group item. Then, you can recreate the transactions to show the COGS in the report.

 

You can follow these steps on how:

 

First, is to delete the transactions were your new main component is not included. Here's how:

 

  1. Go to the transaction you want to delete.
  2. Click the Delete button.
  3. Select OK to confirm the action.

You can also read this article to help you delete multiple transactions: Batch delete or void transactions in QuickBooks Desktop Accountant Edition.

 

Next, add your new main component in your group item.

 

  1. Go to the List menu, then Item List.
  2. Select the Group you want to add your new main component.
  3. Click the drop-down arrow in the item line.
  4. Choose your new main component you want to add.
  5. Hit the OK button to save.

 

Once done, you can recreate the purchases again.

 

However, if your transactions in July and Aug are already reconciled, you can do mini-reconciliation. After that, you can delete the transactions. Then, add the item in the group and recreate the purchases again.

 

I've also added an article to help you customize to pull up a specific report. Then, memorize it to save the modification settings on your profit and loss report: 

 

 

If you have additional questions, feel free to leave a message in the comment section. I'm always around here in the Community to help. Take care, and have a great day.

View solution in original post

JodyB1
Level 3

P&L and missed inventory item on group item on invoices

Rejeil_O,

 

Thank you for your response. Unfortunately, my issue is a bit more complicated. I am trying to work it out with our accountant as it involves both the customer and vendor sides plus item identification. At this point, I am not planning to pursue in the forum as it is too hard to explain via email style writing. This takes more of an in-person discussion and hashing out of the details.

Tori B
QuickBooks Team

P&L and missed inventory item on group item on invoices

Hey there, @JodyB1.

 

Thanks for following up with us. 

 

I see that you wish to speak with support directly over the phone, so I've included the steps below to contact our technical support team. 

 

  1. Open QuickBooks.
  2. Go to Help, then select QuickBooks Desktop Help.
  3. Hit Contact Us.
  4. Please give a brief description of your issue, then click Let's talk and choose a way to connect (Callback, Chat, Etc.).

Please know you can reach out to the Community any time you have questions or concerns. We're always here for you. Take care and enjoy the rest of your week! 

 

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