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Hi, I just acquired a new business and the previous owner was using Quickbooks 2023 Premier Pro and I am using the same but just 2024 version. The inventory data was transferred and the the average cost got messed up, I have tried my best to change it but it doesn't let me change it. I have successfully changed the cost of the items. I have about 552 items and the data is messed up in 335.
Is there a way to unlock the average cost to change it and reflect the correct amount.
Please help me out as I have to start invoicing customers from Monday.
Welcome to QuickBooks Community, amyn.
I understand the importance of recording the correct average cost of the 552 items. Let me share some steps to help you fix the discrepancies and reflect the right amount.
We can start by running the Inventory Valuation Summary report to see how QuickBooks got the item's average cost. It will help you locate the cause of the issue. I'll show you how:
Unlocking the average cost to change it is unavailable. What we can do is create an adjustment to these items. To proceed, follow the steps below:
Here's an article about computing the average cost and handling inventory management: Understand Inventory Assets and COGS tracking.
Find out more about inventory quantities and value through the following resources:
I want to make sure I've got you covered. Feel free to click the Reply button below for follow-up questions and clarifications about inventories. I'll be in touch.
I suspect there is negative inventories. Run Verify/Rebuild Data utility. Did you encounter any error message?
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