Hi there, Christi11.
I'll be sharing extra details on how changing the details of an item works in QuickBooks. I'll also ensure you can manage your transactions with the correct income account in QuickBooks Online.
Please know that the option Also update this account in historical transactions checkbox is only available for Service and Non-inventory products. With this, the said checkbox doesn’t appear if you're changing an Inventory item and this could be the reason why you don't have the option to update previous or historical transactions.
Furthermore, only new entries are affected when you adjust the income account for inventory items. To update previous transactions, I recommend creating a new item with the appropriate income account and replacing the old item with it.
Here's how:
- Go to the Gear icon ⚙ and select Products and services.
- Click the New button, then choose Inventory.
- Enter all the information needed. Make sure to select the correct income account.
- Click Save and close.
- Go to the Sales menu and select Invoices.
- Choose the invoice you want to update.
- Select the delete (trash can) icon at the end of the line of the old inventory item.
- Add the new inventory item and enter the corresponding quantity.
- Click Save.
You can repeat this process for any previous transactions you want to update. Then, you can open this article to see further details: Change the account for a product/service item.
Lastly, you may refer to this article to see steps on how you can make items inactive in QBO so they don't show up on sales forms, lists, or financial reports anymore: Add product and service items to QuickBooks Online.
Let me know if you have more concerns about managing your items in QBO, Christi11. I'm always around to help. Have a great day!
