Thanks for joining in on this discussion, Accel.
I'll be happy to help you modify the starting date of your inventory so you can successfully write down an item's initial cost in QuickBooks Online (QBO).
As my colleague indicated, QBO observes the First In, First Out method. As the name suggests, QBO will always consider the first units purchased (First In) to be the first units sold (First Out). That said, altering the item's initial cost has no impact on earlier transactions.
Please follow these steps to get rid of the error message:
- Go to the Gear icon and select Products and Services.
- Look for the inventory item and select Edit.
- On the Quantity on-hand section, click the Starting value hyperlink.
- Select Continue.
- Modify the data under the As of date field.
- Click Save and Close.
Moreover, you'll encounter negative inventory if you unintentionally oversell products. Don't worry. I'll share an article that offers a thorough procedure to resolve the issue: Fix negative inventory issues in QuickBooks Online.
Please know I'm just a couple of clicks away if you need further help to manage your inventory in QBO. I'd be more than glad to assist you. Stay safe, and have a nice day ahead.
