I've done a lot of migrations from QB Desktop to QBO and I always have a problem when inventory is involved (only a couple of my migrations had inventory, and they were awhile back). So help...
I compressed the QBD data to bring in only 1/1/2023 and forward. The 2023 taxes are done and on the old QBD system so I can make entries for 2023 if I need to.
BUT...the issue is my COGS is off, on the order of magnitude of over $7 million! I need the COGS to be right for the 2024 P&L statement to date.
Do people out there have suggestions other than to book the $7 mill amount to Opening Balance Equity? Which is not what I'd like bc that messes up the balance sheet for 2024. Also, the inventory numbers are NOT correct in QBD...the client told me this coming in...it's a mess...The $7 mill comes about mostly from JE's QBO made on the conversion for each product (some 2000) - says, "Inventory starting value from Desktop" (which are incorrect to start with).
Or maybe I should book that COGS correction to something like "Inventory Adjustment" but of course that affects the overall COGS number. Maybe I should just live with that and warn the CPA when she does the tax returns?
Thoughts, anyone?
Thanks.
