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stopattheoffice
April 5, 2022
Question

How do you adjust the account balance for COG Sold?

  • April 5, 2022
  • 1 reply
  • 0 views
How do you adjust the account balance for Cost of Goods Sold? My client is using Square to process sales and then imports the sales to QuickBooks Online. The COGS for these sales is not coming from the Product list so the amounts are way too high, how do you decrease this amount?

1 reply

Jen_D
Jen_D
April 6, 2022

Thanks for posting here in the community, @stopattheoffice.

 

We wanted to make sure everything is accounted for correctly, so your financial reports are accurate. Since this issue requires in-depth accounting processes, we do recommend that you reach out to an accounting professional. 

 

Adjustments to your balances needs thorough guidance. We can only provide the steps you need to do in QuickBooks, but handling your books and doing journal entry transactions is best assisted by your accountant.

 

If you don't have one, we can help you find someone to help you. You can visit the following link to locate accountants based in Canada: https://quickbooks.intuit.com/ca/find-an-accountant/

 

Post here anytime if you have other program concerns or additional questions about this COGS topic. Have a nice day!

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