The cost is based on your actual purchases, not values from the item.

If your purchases are entered wrong and you adjust them, the changes in cost should flow to your financial statements.

Resolution for 'actual purchases issue: 'Can I change COGS amount and have it apply to items already sold? Created a part with COGS $2 (typo). When I change to $1, YE reports do not change to reflect lower cost.' available: Yes.

The actual purchases 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 actual purchases issue yourself by looking for a resolution described in the article. If it is a complex actual purchases issue or you are unable to solve the issue, you may contact us by clicking here or by using other actual purchases support options.

For more information about resolving issues related to actual purchases in Quickbooks/QBO or to get support for the issue 'Can I change COGS amount and have it apply to items already sold? Created a part with COGS $2 (typo). When I change to $1, YE reports do not change to reflect lower cost.', click the link below: