cost of goods sold

Phoenix2 · ‎April 29, 2019

ok sorry but i found a mistake I made. I labeled a product in "products and services" cost of goods sold. I corected the mistake. but my P&L stills shows a negitve for those Items. How do I fix that?

JamesDuanT · ‎April 30, 2019

When you corrected the Product/Service information, the changes will only affect your future transactions, Phoenix2. Unless, you marked the Also update this account in historical transactions box.

Let's edit the item and toggle the affected account:

In the Products and Services page, look for the affected item and click Edit.
Change the affected account and click Save and close.
Click Edit again and correct the affected account.
Mark the Also update this account in historical transactions box.
Click Save and close.

Then, you can go back to the Profit and Loss report. This should refresh the data you have on file.

I'll be right here if you need anything else.

View solution in original post

Anonymous · ‎April 30, 2019

Hey there, @Phoenix2,

It's nice to have you back here in the Community. I can add a bit more about updating the account on your products and services items.

You'll only get the Also update this account in historical transactions box, if you're editing a Service or a Non-inventory item. Please see this screenshot:

However, if you're updating an inventory item's account, QuickBooks will automatically apply the changes to new transactions. If there are discrepancies after the change from old transactions, you can manually adjust them in QuickBooks.

Here's a great article to guide you with the process: How to change the account for a product/service item

That should take care of it. I'm just a post away if you have anymore questions with QuickBooks. I'm here to help. Have a great day!

View solution in original post

JamesDuanT · ‎April 30, 2019

When you corrected the Product/Service information, the changes will only affect your future transactions, Phoenix2. Unless, you marked the Also update this account in historical transactions box.

Let's edit the item and toggle the affected account:

In the Products and Services page, look for the affected item and click Edit.
Change the affected account and click Save and close.
Click Edit again and correct the affected account.
Mark the Also update this account in historical transactions box.
Click Save and close.

Then, you can go back to the Profit and Loss report. This should refresh the data you have on file.

I'll be right here if you need anything else.

Phoenix2 · ‎April 30, 2019

Thank you But I dont see a"historical transaction box." I did go through my entire parts list and double check all items now all say "sale of product income." Where do I find that box? Maybe I have something turned off?

Kindly thanks

Anonymous · ‎April 30, 2019

Hey there, @Phoenix2,

It's nice to have you back here in the Community. I can add a bit more about updating the account on your products and services items.

You'll only get the Also update this account in historical transactions box, if you're editing a Service or a Non-inventory item. Please see this screenshot:

However, if you're updating an inventory item's account, QuickBooks will automatically apply the changes to new transactions. If there are discrepancies after the change from old transactions, you can manually adjust them in QuickBooks.

Here's a great article to guide you with the process: How to change the account for a product/service item

That should take care of it. I'm just a post away if you have anymore questions with QuickBooks. I'm here to help. Have a great day!

Phoenix2 · ‎April 30, 2019

Thank You So Much< I did have to change them again and back again to get the history button to show up but all is good now. Thankyou very much

Anonymous · ‎April 30, 2019

Hey there, @Phoenix2,

It's nice to hear back from you. You are very much welcome. I'm happy I came across your post and was able to address your concern. Should you have any other questions that I can help you with, feel free to mention me on your posts.

You may also want to check this article to know more about setting up your products and services: How to create and use a products and services list

It's my pleasure to help you get back on your working track anytime. Cheering you a great weekend!

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