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userilanamaree1
January 11, 2021
Question

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

  • January 11, 2021
  • 1 reply
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1 reply

MarsStephanieL
MarsStephanieL
January 11, 2021

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.

U
userilanamaree1Author
January 12, 2021

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?

Kristine Mae
Kristine Mae
January 12, 2021

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!

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