We have items with correct costs, quantities, and prices, but their margins are negative and average costs are completely off. What is wrong/what do we do to fix it

The problem that we are facing is that its impossible to get accurate reports with these wrong figures. Is there a way to eliminate the incorrect margins of the old items while still keeping their sales history. All the while, we want to create new item profiles for the corrupted items. 

Answer

"Item Profile" Controls nothing financial; that is Notational. The Cost is from your Purchase entries. The Price is from the Sales. Are you looking at some planning tool for margin, or Actual Profit from Sales? Are you Buying inventory = listing it on the purchase data, the vouchers? Are you selling the same item you bought, and never below zero quantity?

Was this answer helpful? Yes No
Original
AllStar

No answers have been posted

More Actions

People come to QuickBooks Learn & Support for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach:

Qb community
Looking for advice from other business owners?

Visit our QuickBooks Community site.