Skip to main content
M
mrkaye
March 3, 2025
Question

qbdt removing inventory, move to QBO essentials?

  • March 3, 2025
  • 1 reply
  • 0 views

i have a little bit of inventory, but it is all obsolete

i plan to set the qty on hand to 0 and assign it to COGS - Obsolete Inventory

then migrate to QBO Essentials, since Inventory was the only thing in Plus i would need

my year end is Nov 30

when i do my taxes at the end of the year, will the COGS accounts have everything i need

do i need to run Plus until year end and then switch to Essentials?

1 reply

L
LouiseG12
March 3, 2025

Maintaining detailed records for tax purposes is vital for accurate reporting. Let me explain what happens when you make this switch to safeguard your business data, mrkaye.

 

When you downgrade your subscription from QuickBooks Online (QBO) Plus to Essentials, the quantities of your inventory items are automatically reset to zero. While your inventory items will still be listed in QuickBooks, you will lose the ability to track the current quantities on hand as well as the related Cost of Goods Sold (COGS) information.

 

It is recommended to maintain your subscription with QBO Plus until the end of the fiscal year. This approach ensures that all your inventory and COGS data remains complete and accurate throughout the year. After that period, you can then decide whether to proceed with downgrading to Essentials based on your business needs.

Furthermore, you can refer to this resource for guidance on filing your sales tax: File sales tax in QuickBooks Online.

It’s important to choose what best supports the operational efficiency and financial health of your business. If you need further assistance don't hesitate to reach out. My team and I are always here, ready to provide you with the information and assistance you need.

M
mrkayeAuthor
March 3, 2025

i plan to set all the quantities to 0 in qbdt, i don't plan to use inventory any longer

COGS will not change once i migrate to QBO

would i still need to use Plus until my year-end?

i am assuming the COGS account will be there with the info from qbdt and i can export to turbotax as usual?

A
Alex M
March 3, 2025

Hi there mrkaye,

 

Thanks for reaching out about your QuickBooks Online plan. QuickBooks Online is a great tool able to help you keep track of sales and expenses so you know the profitability of your company. I can point you in the right direction for assistance with this import.

 

For assistance with the best way forward for importing your QuickBooks Desktop file to QuickBooks Online. you would need to reach out to the support team outside of the Community. They'll be able to assist you in making sure you have the correct plan for the import itself, as well as help make sure all is imported correctly. You can reach them using the methods outlined on this link.

 

If you have any other questions, feel free to reach out here.

Terms & ConditionsAccessibility statement