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Simon Newman
June 26, 2022
Question

Stock asset account - how to manually adjust

  • June 26, 2022
  • 1 reply
  • 0 views

Hello

 

i think I have did something potentially silly, not being an accountant and being fairly new to it all

 

when I set up my inventory all items has a sale price and a cost entered. Recently I removed the “cost” figures as I had to up date them all, as the manufacture cost increase

 

i thought this field was just for my own benefit but turns out it isn’t, I went for approx 1 month with my stock asset account not changing

 

in summary my stock asset account is down by approx £18k, and therefore my profits etc 

 

how best do I correct this?

 

thank you

1 reply

C
Charies_M
June 26, 2022

Help is here, Simon Newman.

 

Allow me to explain why stock asset account not changing after updating the items in QuickBooks Online (QBO).

 

Cost of Sales will not update if only the quantity of the item is adjusted before recreating the invoice or toggling it. To successfully change it, you'll need to create a purchase transaction using the updated price and then use it to the invoice. This way, you'll be able to update the Cost of Sales.

 

All you need to know about tracking your inventories in QBO can be found in this article:

You can also run some reports to see your sales and stocks status in QBO: Use reports to see your sales and stock status

 

Please click the Reply button below if you have any other issues or concerns, and I'll get back to you right away. I'm always here to help. Have a great day!

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