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k-handler
Level 3

How do I adjust the cost of existing inventory? NOT the quantity...the unit cost/value.

Several years ago, an accountant booked an adjustment to an inventory item that was incorrect. As a result, QBO did not have the proper value in aggregate. As a result, QBO used an incorrect amount $8500 for the COGS on a recent invoice instead of the correct amount of $1740. This is only appearing now as all sales between when this adjustment was made and now were using "older" inventory properly costed at $1740 per unit. (pulled out on a FIFO basis.) This one time "adjustment" is now what QBO thinks was a purchase/addition to inventory, thinks it is the next FIFO cost to pull and is using that as a unit cost for this one sale. I need to correct this specific item...not just COGS through a JE. Quanity is fine. It's just the cost.

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