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Resolve COGS Issues After QuickBooks Inventory Migration

Cost of Goods Sold not matching after migration with inventory in QuickBooks? Get professional help now at 1-866-408-0444 to correct your accounts effortlessly.

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Resolve COGS Issues After QuickBooks Inventory Migration

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  1. QuickBooks Migration COGS Issue QuickBooks migration often leads to Cost of Goods Sold (COGS) account discrepancies when inventory data transfers incorrectly, especially from Desktop to Online. This presentation covers causes, fixes, and prevention for accurate inventory tracking post-migration. Contact +1-866-408-0444 for migration guidance.

  2. The Problem Common Migration COGS Problems COGS Balloon Effect Negative Inventory Triggers During QuickBooks Desktop to Online migration, COGS balloons due to inventory mismatches, like $7M discrepancies from journal entries. Negative inventory balances in source files trigger huge adjustments in QuickBooks Online. Call +1-866-408-0444 to review your migration logs.

  3. Inventory Tracking Differences QuickBooks Online uses FIFO (First In, First Out) for inventory, unlike Desktop methods, causing COGS recalculations. Set FIFO start date post-migration to adjust asset and COGS values accurately. Reach +1-866-408-0444 for FIFO setup steps.

  4. Impact on Profit & Loss The Impact Huge COGS entries hit Profit & Loss reports, often offset to Opening Balance Equity during conversion. Inventory adjustments create offsetting transactions, distorting year-to-date figures.Use QuickBooks Migration Tool Dial +1-866-408-0444 to align your P&L reports.

  5. Step 1 Verify Source Data Compress Desktop Data Check Inventory Values Compress Desktop data to recent periods (e.g., 1/1/2023 forward) before migrating to minimize errors. Check inventory quantities and costs in Desktop; fix messes like inaccurate product values first. Use +1-866-408-0444 for data compression tips.

  6. Step 2 Adjust Products Post-Migration 01 02 Convert Product Types Set Quantities to Zero Convert non-tracked products to "non-inventory" types and deactivate unused items. Set quantities to zero for inactive tracking without losing price lists. Call +1-866-408-0444 to categorize products correctly.

  7. Step 3 Run Inventory Adjustments Create inventory adjustment transactions to correct quantities; offsets hit COGS automatically. Run physical counts at year-end to set true starting values. Contact +1-866-408-0444 for adjustment workflows.

  8. Step 4 Reconcile COGS Discrepancies Compare Trial Balance Adjust Entries Compare trial balance reports between Desktop and Online to spot offsets. Debit COGS and credit Opening Balance Equity to match YTD figures. Reach +1-866-408-0444 for reconciliation reports.

  9. Prevention Checklist Backup and verify data integrity before migration. Match file formats and enable inventory tracking properly. Test small datasets first. Call +1-866-408-0444 for checklists.

  10. Key Reports for Validation Use inventory status and performance reports to monitor post-migration accuracy. Profit & Loss and Balance Sheet reports reveal COGS impacts clearly. Final step: Dial +1-866-408-0444 to validate your setup.

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