Greetings, VinceR1.
In addition to my colleague answer , your products total value is its average cost multiplied by its quantity in stock. I'd suggest you consult your accountant for advice on adjusting inventory value.
I recommend you run the Inventory Valuation Summary report and look for the items you adjusted to make sure everything looks good. Here's how:
- Select Reports, then click Inventory.
- Select the Inventory Valuation Summary, then set the dates to All.
- Double-click the item in question.
Check out this article for more details: Adjust your inventory quantity or value in QuickBooks Desktop.
For future reference, read through this article to learn more about inventory assets and COGS: Understanding inventory assets and cost of goods sold tracking.
I'll be around if you need more help with your inventories and QBDT account. Please don't hesitate to leave a response. I'm always here to back you up!
