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Yeazel
July 14, 2021
Question

Average Cost changed and now closed periods' COGS has changed.

  • July 14, 2021
  • 1 reply
  • 0 views

We use QBDE's average costing for valuing Inventories and COGS. I have a small team that uses our company file for ordering and shipping items.  At each month end, I enter Quantity Adjustments to our on hand inventories. I ran some prior period reports and noticed my COGS and Inventory values had changed in periods that had been closed for several months. 

I was able to track down the change in Inventory Valuation by Item using old backup files to compare against my live file.  For some reason, a group of FG parts that historically had Avg Cost = $0.01 now suddenly have an Avg Cost value = $0.27.  I cannot determine what caused the change in Avg Cost nor why the change went retroactive and changed financials in closed periods. 

Can anyone help me correct the live file so my financials are back to pre-change amounts? 

    1 reply

    JenoP
    JenoP
    July 14, 2021

    Let me help you get the Avg Cost Value get back to the correct amount, Yeazel. 

     

    Possible data damage in your company file might have caused the Avg Cost value to change. Let's use the Rebuild Data tool that can resolve common data problems in QuickBooks Desktop. 

     

    Here's how:

     

    1. Go to the File menu, select Utilities, and then click Rebuild Data.
    2. Click OK, then follow the onscreen steps to save a backup.
    3. Let the tool repair your file. It may take some time. QuickBooks may seem stuck, but as long as you can move your mouse, the tool is working.
    4. When the tool finishes, select OK.
    5. Go back to the File menu, select Utilities, and then click Verify Data.
    6. Let the tool check your file for data issues.

     

    Once done, go back to the inventory report and check if the Avg Cost value has gone back to $0.01. 

     

    We might also need to run a couple of reports and take a closer look at your company file just in case the issue persists. To do that, please contact our phone or chat support teams so they can help you further with this. Here's an article where you can get their contact details: Contact QuickBooks Desktop Support.

     

    I'd also like to share these additional articles about inventories just in case you might need them in the future: 

     

       

    Add a reply below or reach out to us anytime you need anything else when working in QuickBooks. We're always here to help and guide you. 

    JenoP
    JenoP
    July 16, 2021
    Hi Yeazel,
     
    Hope you’re doing great. I wanted to see how everything is going about the changes to your Avg Cost value. Was it resolved? Do you need any additional help or clarification? If you do, just let me know. I’d be happy to help you at anytime.
     
    Looking forward to your reply. Have a pleasant day ahead!
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