QB Issue Resolution:

A PO after the fact is Data Entry busywork. You no longer need to Track something you already have.

“Items as classes – rather than entering the actual items in PO’s that were entered, a single item called “materials” was created and used for everything.”

If you are describing an Inventory Type Item, that would be a problem, then. There is no Generic item for inventory like that. You can do this for Noninventory Type item, and even use it to manage Raw Materials in stock as an asset. But not for Proper Costing of Inventory.

The first thing you might do is to Create your items list, then edit and update the transactions that Bought the items. Keep in mind you are Changing Your Financial data, though, if this is Inventory Type Items.

It might be more proper to Start from here, forward, with the Right-New methodology. Example:

If you really have Inventory on hand, then Create the items with No qty or cost. Take a Physical Inventory. Adjust your current Inventory Asset account to 0; I like to offset this into a COGS for Inventory Adjustment.

Now, use the physical inventory and cost and qty data and make One Inventory Adjustment for the same date as the 0 entry. Use that account as the offset at the top to Populate what is still on hand with cost basis.

The difference in the COGS adjustment account is how wrong your Balance Sheet has been.

Resolution for Issue 'Purchase Order – Entering PO’s and inventory items that have already been billed and paid.' available: Yes (Solved).
Source: Intuit Community forum.

Purchase Order – Entering PO’s and inventory items that have already been billed and paid.: 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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