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JimC2007
February 25, 2023
Question

Correcting error in business file

  • February 25, 2023
  • 1 reply
  • 0 views

I run my business on QB2007 simply for inventory tracking and tax purposes (sales tax, P&L statement). I don’t need all of the other bells and whistles since my finances are quite simple. My old business file kept giving me an error message to contact administrator then an abort button. Selecting the button would then crash the program which often resulted in lost entries. Thinking the file may be corrupted, I decided to create a new business file and start over for 2022. I only imported my Items List after altering the .csv file (removed inactives and discontinued items; altered item quantities). After entering a years worth of sales receipts and invoices, my average item costs are skewed badly. I need to get an accurate COGS in order to complete my tax return.

Is there something else I should have imported? Is it too late or impossible to correct? Any help would be greatly appreciated!

1 reply

C
ChristieAnn 11
February 25, 2023

Hi there, JimC2007.

 

Thank you for visiting the QuickBooks Community. I'll be sharing details on how items work in QuickBooks Desktop, then ensure you have an accurate COGS in the program.

 

When managing items listed in QuickBooks Desktop, make sure you set them up correctly so you have an accurate COGS. If you only imported services or non-inventory items, I recommend that you enable the Inventory feature so that when you import inventory items for your entries, they will organize in the QBDT.

 

Here's how:

 

  1. Open your QuickBooks Desktop company file.
  2. Go to the Edit menu, then select Preferences.
  3. Click Items & Inventory from the left menu and go to the Company Preferences tab.
  4. Turn on the Inventory and purchase orders are active feature.
  5. Click OK.

 

Once done, you can now import your inventory and other items in QBDT. Then, manually add them to your transactions. Before this, you'll have to secure a backup copy of your company file. 

 

However, if you are having trouble importing items, you need to manually add the inventory items in QBDT and ensure that this is set up correctly in the program. You can open each article below to see extra details and how to perform the process"

 

 

After that, you can now manually apply your created items to your existing entries.

 

If you still need help or clarification with setting up items in QBDT, I recommend speaking with an accountant. They'll be able to give you advice on how to properly handle items, especially with the account you'll be using for this inventory.

 

Lastly, you may refer to this article to view steps on how you can track the products you build using inventory parts: Track the products you manufacture.

 

Please know that I'm just a reply away if you need any extra assistance creating inventory items. Wishing you continued success, JimC2007.

J
JimC2007Author
February 26, 2023

Thanks for your reply. I did confirm the correct selection/setting in the Preferences as you instructed. I also read the article from the “Understand inventory assets and cost of goods sold tracking”  link.

 

I successfully imported my .csv file with all of the items in my Items List back in May. Throughout the year I have added new items to the list. I can tell there is a problem because when I run the P&L report my COGS total is way off. The best I can determine, is the average cost of some of my items are not correct, but don’t know which ones.

Can you direct how I can run a report to verify the average cost of my items? Do you have any other suggestions?

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