Skip to main content

Get 50% OFF QuickBooks for 3 months*

Buy now
Switch to QuickBooks and 70% off for 3 Months
Talk to Sales: 877-683-3280
Hours
Mon - Fri, 5am - 6pm PST
Sat - Sun, 7am - 4pm PST
Product support & help
Need help signing in?
V
victor34
August 6, 2023
Question

Can you change the stock value but leave the quantity unchanged.

  • August 6, 2023
  • 1 reply
  • 4 views
No text available

1 reply

A
AileneAModerator
Moderator
August 6, 2023

Thank you for reaching out to the Community, victor34. Let me add some details to help you adjust your stock value in QuickBooks. 

 

Yes, you can change the stock value and leave the quantity unchanged. But please note that changing the value of a stock item in QuickBooks Online will affect the item's average cost and may impact your financial reports. It's always a good idea to consult with an accountant or financial professional before making any significant changes to your stock values to ensure everything is accurate.

 

To change the stock value while leaving the quantity unchanged in QuickBooks Online, you can follow these steps: 

 

  1. Log in to your QuickBooks Online account.
  2. Go to the Sales tab.
  3. Locate the transaction you want to modify and click on it to open it.
  4. In the transaction window, find the line item for the stock item you want to change the value.
  5. Click on that line item's amount or value field and modify it to the desired value.
  6. Ensure that the quantity field remains unchanged.
  7. Save and close the transaction.

 

 

 

 

I'm also adding this link for reference in case you need to change your product and service item types. This resource can walk you through the process seamlessly. In addition, let me share this link to help you manage your inventory items in QuickBooks: Impacts of inventory tracking on balance sheet and profit & loss reports.

 

Don't hesitate to drop a comment below if you have other questions. I'm more than happy to help. Take care, and have a great day!

V
victor34Author
August 7, 2023

Hi AileneA

 

I am sorry but feel you are missing my point.  I do not want to change the sales value on an invoice.

 

I can see how to adjust the quantity of stock value but want to see if its possible to adjust the balance sheet value for written down stock.  I understand how the entries on the sale of stock or written down will work.

 

There is a facility to adjust the start value which would be easy to put in but am unclear what affect this has on the accounting.  As long as it does not change back dated entries then it may be a way to achieve what |I want.

 

Thank you

 

Victor

G
GeorgiaC
Level 13
August 7, 2023

Hi Victor, thanks for getting back to us here. The adjust starting value option can be used to update the cost or qty of a stock item if an incorrect value was entered during the initial set up. You can enter this by following the steps below. It's important to note that QuickBooks Online uses the FIFO method for stock cost accounting, and that updating the adjusting starting value will also update the FIFO cost and asset value for previously entered transactions. We'd therefore recommend contacting your accountant if you require an alternative way to adjust the start value. 

 

1. Go to Settings ⚙ and select Products and Services.
2. Highlight the item, then select Edit from the Action column.
3. Select Starting Value.
4. Select Got it.
5. Enter the item's correct quantity and cost.
6. Select Save and Close.

Need QuickBooks guidance?
Log in to access expert advice and community support instantly.
Terms & ConditionsAccessibility statement