Level 15

Reports and accounting


@Q-B Online User 1 wrote:

Hi Rustler,

I just want to revalue all my Inventory account to Standard Costs Inventory account and whatever is the variance is kept in another cost/inventory bucket.

 

So whenever I invoice a sale of my inventory on hand, the cost is at standard cost - COGS.

and whatever is the difference I can send to another cost bucket.


Accounting just does not work that way for inventory.  Inventory is what you pay for it, and that cost per item is what should post to COGS when it sells.

 

purchases of inventory is an asset in QB, it is not an expense until sold.