You are fine – with one exception:
at the end of the year, you should have an Inventory Asset value, which represents the value of product on your shelves.
The adjustment to make that accurate will affect your COGS account balance for the year.
This is s little difficult to explain here, but […]
Resolution for 'COGS wrong issue: 'I think I’ve been doing COGS wrong, but need some help.' available: Yes.
The COGS wrong 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 COGS wrong issue yourself by looking for a resolution described in the article. If it is a complex COGS wrong issue or you are unable to solve the issue, you may contact us by clicking here or by using other COGS wrong support options.
For more information about resolving issues related to COGS wrong in Quickbooks/QBO or to get support for the issue 'I think I’ve been doing COGS wrong, but need some help.', click the link below: