These historical sales transactions are posted to the

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These historical sales transactions are posted to the general ledger using the original transaction dates, so reports are historically accurate. None of this pre-FIFO activity is used for tracking quantity on hand and does not show on the Inventory Valuation Detail report.
Supplemental Guide Lesson 1: Convert from QuickBooks Desktop to QuickBooks Online Module 10: Complex Conversions 46 The inventory lines on these sales transactions dated before the FIFO start date cannot be updated. You may change the description field, but fields that affect the general ledger posting are locked down. If you try to change the date, quantity, or rate you will receive an error message. At conversion, QuickBooks Online records starting inventory quantity and value from Desktop for each product. You will see this starting value on the Inventory Valuation Detail report.
Supplemental Guide Lesson 1: Convert from QuickBooks Desktop to QuickBooks Online Module 10: Complex Conversions 47 The transaction journal on this starting value adjustment shows that it is immediately reversed from the general ledger so as not to duplicate the inventory asset value already posted to the general ledger by the individual historical sales transactions. Sales transactions with inventory parts dated on or after the FIFO start date record the sale and the cost of the products sold via the FIFO method. QuickBooks Online will search for any errors with inventory. If errors are found, e.g., if the Cost of Goods Sold account on an inventory item from QuickBooks Desktop is not posting to the proper Cost of Goods Sold account type, the import will fail. An email with instructions on how to fix the items that caused the problem will be sent to the user account. Turning Off Inventory Tracking If you elect not to bring over inventory to QuickBooks Online, sales transactions with inventory parts include two extra line items. These two line items use the two new items that were created at conversion — Item_Inventory asset (deleted) and Item_Cost of goods sold (deleted). The line with Item_Inventory asset (deleted) records the removal of inventory value from the inventory asset account, since you sold the items. The line with Item_Cost of goods sold (deleted) records the cost of the sale.
Supplemental Guide Lesson 1: Convert from QuickBooks Desktop to QuickBooks Online Module 10: Complex Conversions 48 These two lines record the adjustments to inventory asset and cost for the sum of all the inventory parts on the sales transaction. Even though the description may reflect only one inventory item, the amount is the sum of the weighted average cost used in QuickBooks Desktop for all of the inventory items on the transaction. These two lines do not print on the invoice form, so it is safe to re-send these invoices to customers, if needed.
Supplemental Guide Lesson 1: Convert from QuickBooks Desktop to QuickBooks Online Module 10: Complex Conversions 49 Multicurrency If the QuickBooks Desktop file has the Multicurrency feature turned on, then Multicurrency will

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