I made a mistake in inventory with cost of product sold. Updated it, but it doesn't want to apply to invoices. There is more than 400. it buggers everything if not fixed

Hi there, @userilanamaree1.

Allow me to share some details on how inventory and invoices works in QuickBooks Online.

Changing the sales rate of an inventory item will not update the Invoice's sales price. I'd recommend manually edit the invoice to make it updated. I'll show you how to edit the invoices.

1. Go to the Sales menu and select All Sales.
2. Look for the invoices you need to update, click on the drop-down button, and select View/Edit.
3. Click the box under the Rate column and update it.
4. Select Save and close. This is how it looks like:

To know more about managing your invoices, check out this article: Create invoices in QuickBooks Online.

You may consider checking this article for your future reference in case you want to assess your business financials: Run reports in QuickBooks Online.

I'll be here if you have other questions. Let me know in the comment section. Take care.

Its not sales price I need to change. Under inventory I changed the cost under purchasing info. By mistake i'd put the total expense for product in there and not price per unit. I used the wrong amount for all stock. I used 10000.00 in stead of 200.00

Now in COS account it used the 10000.00 amount to calculate. I have a - 4 million net income because of the mistake. I need the new purchase cost to apply to all invoices from 1 March 2020. How do I do that?

When you make changes in an inventory item, it will be applied moving forward to any transactions, Userilanamaree1. Let me help you sort this out.

First, let's ensure we change the cost to the correct amount. This way, our program will recognize it in future transactions. Here's how:

1. Click the Gear icon.
2. Go to Product and services.
3. Select the item, then click Edit.
4. Change the cost to the correct amount.
5. Click Save and close.

Then, concerning the prior invoices, you'll want to toggle the items so it will recognize the new cost. From there, the COS amount will be updated automatically. You can achieve this by editing the item in the invoice, changing it to the correct one, then saving it. 

You can also create a journal entry to adjust the COS amount. However, I suggest conferring with your accountant on how to categorise the accounts. 

Feel free to get back to this thread if you need something else. We're around to help you. Take care!

@userilanamaree1 

As another option, you may export your Bills and Bill Payments (and Purchase Cash, if any) data to XLS, modify the cost, and import them back into your QBO account to replace the old transactions.

https://transactionpro.grsm.io/qbo

Thanx. None of the answers is working. Don't understand this. In COS report I have a customer that purchased 6 tubs @ R200 =R1200. In cost of sales report it shows the amount for this sale is R30000.00. The invoice is for R1200 and the payment I matched with it is R1200. Why do I have R30000.00 in amount at COS. The rest of the amounts for invoices is also way more than charged and payment made. Looks like all amounts is multiplied by 25

Hello, userilanamaree1.  

Thank you for getting back to the Community. To determine where the R30000.00 comes from. We can open the amount in the report. From there, it will open the list of transactions associated with the R30000.00. Then from there, you can review each transaction. You can follow Kristine Mae and Fiat Lux - ASIA suggestions above to correct the data.   

You might also want to check this article for additional information on how to create and use a product and services list. 

Additionally, you can give customers the flexibility to choose when and how much to pay, check this article: How to create recurring invoice and manage recurring transactions. 

Be sure to drop me a reply if you have additional questions. I'd be more than happy to help. Stay safe and have a good one!