QB Issue Resolution:

Every purchase is posted to a specific account that is Asset but not QB’s own Inventory Asset account. Then, for the date of transition, figure out the Value of what still is on hand, at basis, and post the difference to COGS.

Now set up items but put in no Qty or Value.

Once you have every item in stock existing as Inventory Items, you use one Adjust Inventory screen. Set up each item with Qty and hand and Value (basis) on hand. At the top, the Offset account is your existing Asset account.

This removes the value from the existing account and puts it On hand and Valued by reference to each item and item Name.

Resolution for Issue 'How to switch from periodic inventory system to perpetual inventory system in the mid of fiscal year?' available: Yes (Solved).
Source: Intuit Community forum.

How to switch from periodic inventory system to perpetual inventory system in the mid of fiscal year?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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