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OlgaS1
February 4, 2022
Question

How to import IIF file with inventory price and cost updates without it affecting the average cost

  • February 4, 2022
  • 1 reply
  • 0 views

We have a huge list of inventory items and needed to update the cost and the price of them. Doing this one by one is not efficient at all. So we exported the inventory list to IIF, did our adjustments on the Price and Cost Columns, and imported it back. But in addition to updating these fields, it also updated the average cost of the item to be equal to the current cost. And it did for all data that existed in the QB file, even old closed years and transactions. So PnLs are representing a very wrong data in addition to wrong balances of closed periods. What could have caused it to happen and how we can prevent it from happening again?

1 reply

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Nick K
February 4, 2022

Hi OlgaS1.

 

Importing information into your QuickBooks company file is a great way to update your lists quickly. I'd be happy to point you in the right direction to get this resolved.

 

When you import information into your company file to adjust items and the price and cost it will have an affect on your books. In order to fix this I recommend reaching out to your accountant as they are trained in how to do this. If you don't have an accountant no worries, we can help. You can go to our find an accountant page to find one in your area that can help.

 

If you have any questions let us know and we'd be happy to help.

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