Adjust Item Value

Ok I will do my best to post an accurate timeline.

1. I receive Item R01.
2. QB: I enter it into "Item New" Inventory Part Cost = 0, COG/Sales, Qty 0.
3. Vendor increases cost to 5
4. QB: Edit Item R01, change cost to 5
5. SALE occurs for R01 on invoice.
6. Item file shows Qty on Hand for R01 -1.
7. QB: I run Sales by Item report to fax to vendor to bill us for R01.
8. Problem, report shows R01 cost 0 not 5.
9. QB Problem, items shows original cost entered when first entering item, does not show change to 5 unless I go into Adjust Quantities/Values On Hand but it won't change the value unless there is a positive Qty on Hand. This is my problem.

Alan, I understand you want to see the sale on the timeline, I am not doing a very good job of communicating that I need to change the cost of the item before the sale occurs. Then the sale occurs and I run a sales by item report but it doesn't reflect the new cost of $115.

Tim

Based on the time line above and the procedures you say were made in QB the sales by item report should show a cost of 115 not 100.

When the quantity of an item is zero or less and a sale of that item is made, QB always uses the amount entered as the cost, as the cost of goods sold.

I can only come to two conclusions. Either your data is corrupt and the program is not working correctly, or you are mistaken about the procedures you are making in QB.

I suggest you perform the same steps as above in one of the sample companies and see if you get the same results.

By the way if anyone else is reading this thread, how about testing the above out for Tim?

You should note that in step 1 the item is physically received but not entered into QB because it is on consignment. The receipt gets entered in QB on a latter date when the vendor invoices it.

As I said before, there is no reason you would need to use the above function based on the above 8 steps.

Oh yeah, get somebody else to do your work for you while you sit back and make acerbic remarks.

My work? The minute this becomes work, I am gone. Pay really sucks big time.

Well I thank you kindly. There are times where I take a personal interest in a particular topic. This is has been one of them.

Alan,

You are CORRECT, my program is not working correctly. I went into a sample Wholesale/Distribution company and changed the cost of the item and then ran the report "Sales by Item" to show the COG and BINGO, the COG changed. I went back into my company file, which is about 80meg and verified my data. I got an error so I ran rebuild data. Then I edited and item, changed cost, made an invoice, ran the reports to show COG and they all remained the original cost devoid of any changes I made to increase the cost. I am using QuickBooks 2006 Premier 5 User. I do go to the expense to upgrade with the hope that I will benefit from the improvements. I have been using QuickBooks since 1999 and I do love the program for the money, I think it is the best on the market aside from the pesky popup solicitations and some customization of reports which I got around by adding the QODBC integrated driver with Crystal reports. Alan, even though we still need to resolve this issue I want to thank you for all of the time you put into trying correct it. Not many around that are will to give the most precious gift they have, their time. My final question is where do I go from here? Contact Intuit and send them the file??

Thanks, Tim

Perhaps the file really is not corrupt but has bad values internally caused by your mucking around. Try testing it one more time on your data for a ring you know is in stock.

The only difference this time is before you record the sale, check and make sure the quantiy is zero and the inventory valuation is also zero.

Go into adjust quanty/vaule on hand. Make sure you have a check mark in the value adjustment box on the lower left hand corner of the screen. Make sure the quantiy and the value are both zero for the ring you are about to test. If it does not have zero for both quantity and the current value then change them to zero.

If I mucked around, whatever that is, QB still works just fine except for this issue.

I checked that the quantity is zero and the valuation is 0

I did just go into adjust quantity/value on hand many times. When I set the qty to zero and value to zero QB won't let me save because it says "You cannot record a blank transaction.... So since I am just testing my file while it is backed up I changed other items to positive value and also changed two rings to zero/zero. I then went back into edit items and changed the cost for an item with zero quantity and also one with a positive qty. Got the same results, the report shows the avg cost and does not show the increase cost.

By the way, the sale price does change but the damn cost does not unless I go into adjust values, make the qty a positive value and change it in adjust/........ The cost will not change in edit items.

I did email intuit and I am prepared to send them my data to see if they can fix.

Thanks again, I do appreciate the time.

Tim

Mucked, the past tense of muck.

If they are both zero to begin with then that is the correct response from QB.

So since I am just testing my file

To be honest, deep down I suspect you are doing something incorrect and your data is not currupt. However, discoving exactly what you are doing wrong is beyond newgroup back and forth banter. It may be advisable to hire a QB consultant in you area.

Will do, thanks again. Tim