In this article, we have discussed the topic of Average Cost, learn how to adjust average cost in QuickBooks Desktop.
How to Adjust Average Cost in QuickBooks Desktop
- Login to your QuickBooks Desktop account and go into your company file.
- Go into inventory and click on the value tab,
- Now you will be able to see “Adjust quantity in hand”. Open this window.
- Now navigate like Total value of the quantity > Select the product > Enter your new value and save the entry.
- This will update your average cost of an item.
This can be better explained with the help of an e.g
If you are left with 10 items in your stock the price of each item is $10. Then this would mean that your stock will be valued at $100. Now if you want to update the value of each product to $20 then you simply have to change the total value of the stock to $200. This will automatically change your per-item cost to $20.
If you have reached here, then you have adjusted your average cost of inventory in QuickBooks Desktop. But if you still are facing issues then give us a call at our QuickBooks consultant and we will help you sort out your issue.
Frequently Asked Questions
How to Troubleshoot Problems with Average Cost in QuickBooks?
Follow the below steps to troubleshoot the QuickBooks average cost problems.
● First click on the Reports, then Inventory.
● Now choose the Inventory Valuation Summary, then set the dates to All.
● Lastly, double-click the item in question.
Can Unlocking the Average Cost in QuickBooks?
To Unlocking the average cost in QuickBooks proceed to follow the steps below:
● First go to the Lists menu and select the Item List.
● Click the Activities option, then pick Adjust Quantity/Value on Hand.
● Now enter the correct details then Check it manually
● Lastly click Save and Close.
