Question

Average Cost changed and now closed periods' COGS has changed.

12 replies
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We use QBDE's average costing for valuing Inventories and COGS. I have a small team that uses our company file for ordering and shipping items. At each month end, I enter Quantity Adjustments to our on hand inventories. I ran some prior period reports and noticed my COGS and Inventory values had changed in periods that had been closed for several months.

I was able to track down the change in Inventory Valuation by Item using old backup files to compare against my live file. For some reason, a group of FG parts that historically had Avg Cost = $0.01 now suddenly have an Avg Cost value = $0.27. I cannot determine what caused the change in Avg Cost nor why the change went retroactive and changed financials in closed periods.

Can anyone help me correct the live file so my financials are back to pre-change amounts?

JenoP

QuickBooks Team

Let me help you get the Avg Cost Value get back to the correct amount, Yeazel.

Possible data damage in your company file might have caused the Avg Cost value to change. Let's use the Rebuild Data tool that can resolve common data problems in QuickBooks Desktop.

Here's how:

Go to the File menu, select Utilities, and then click Rebuild Data.
Click OK, then follow the onscreen steps to save a backup.
Let the tool repair your file. It may take some time. QuickBooks may seem stuck, but as long as you can move your mouse, the tool is working.
When the tool finishes, select OK.
Go back to the File menu, select Utilities, and then click Verify Data.
Let the tool check your file for data issues.

Once done, go back to the inventory report and check if the Avg Cost value has gone back to $0.01.

We might also need to run a couple of reports and take a closer look at your company file just in case the issue persists. To do that, please contact our phone or chat support teams so they can help you further with this. Here's an article where you can get their contact details: Contact QuickBooks Desktop Support.

I'd also like to share these additional articles about inventories just in case you might need them in the future:

Add a reply below or reach out to us anytime you need anything else when working in QuickBooks. We're always here to help and guide you.

Y

YeazelAuthor

I have tried Re-build Data and File Doc. Neither of these have resolved the Avg Cost issue/ change in closed period financials. I'm waiting a call back from Support, but am open to whoever can help.

Y

YeazelAuthor

Let me provide some information about the average cost and guide you on how to fix it, Yeazel.

QuickBooks uses the weighted average cost to determine the value of your inventory and the amount debited to COGS when you sell inventory.. You can run the Inventory Valuation Summary report.to check how QuickBooks got the item's average cost or to check why this changes. To do this, follow the steps below:

Select Reports, then select Inventory.
Select Inventory Valuation Summary then set the dates to All.
Double-click the item in question.

However, if the report is showing that there are still changes made and confirm that it wasn't the correct figures showing, I suggest contacting our support team again. This way, they'll be able to investigate this further and help you drill down your reports.

For your reference, you can add or remove information on the header/footer, and even personalize the fontt and style of the report. Read this article so you'll be guided: Customize reports in QuickBooks Desktop.

Let me know if you have any concerns with the average cost. The Community is always here for you 24/7.

I had to call into QB Desktop Support and they have to forward my issue to Advanced Team for investigation on why all of a sudden my Avg Cost changed.

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