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Level 1

QBO-How to transfer inventory and cost from existing product into a new product?

I started with general products (e.g. Bath Bombs). I am adding products as specific items (e.g. Peppermint Bath Bomb, Lavender Bath Bomb) to have granularity in Square and WooCommerce. I want to transfer existing inventory to the specific items in QBO to match Square items.

I was thinking I could do inventory adjustment to change quantities, but what happens with inventory valuation and COGS? Do new items need to be added with a cost = average from inventory valuation report?

Since QBO doesn't allow quantity and value adjustments I'm baffled.
1 Comment
Level 15

QBO-How to transfer inventory and cost from existing product into a new product?


@Adeola1 wrote:

I was thinking I could do inventory adjustment to change quantities, but what happens with inventory valuation and COGS? Do new items need to be added with a cost = average from inventory valuation report?

No you can not do that in QBO.  QBO inventory is FIFO and intuit did not provide any kind of inventory adjustment or reporting to adequately handle that type of inventory.

You will have to use a work around:
1. create the new inventory items, zero cost zero on hand
2. create a cash type bank account called inhouse or something
3. use inventory adjust, set the adjusting account to the inhouse cash account and lower the qty to zero for all items you want to move to individual items
4. use the inhouse cash account to "buy" those new items



 

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