All inventory, cost of goods sold, purchase, and sales account info will convert.
Inventory Cost Method - QuickBooks Desktop
QuickBooks Online inventory uses the FIFO method when calculating costs, while QuickBooks Desktop will use average cost method. This may lead to discrepancies with your financial reports specifically with the following accounts due to the different methods:
- Inventory Asset
- COGS
After the conversion, check the Cost of Goods Sold and Inventory asset accounts.
Inventory Cost Method - QuickBooks Enterprise
QuickBooks Enterprise files, because the option is available for Enterprise, will have the method type set for FIFO with a start date of 01/01/1970.
Negative Inventory
- QuickBooks Desktop will record the COGS and Inventory Asset as zero on the sale. The COGS and Inventory Asset will be recorded on the purchase of new inventory.
- In QuickBooks Online, on purchase of the new inventory, the COGS and Inventory Asset will be added to the original sale transaction.
- Quantity on hand will match QuickBooks Online as of the conversion date