swapped items in inventory

[grove121]

I own a retail clothing store, when an item doesn't sell sometimes the vendor will allow me to swap it for something else. How do I account for this in inventory. The item I am giving back will no longer be physically in my inventory, but the new item is being paid for by the swap. If I do nothing or even delete it, the cost of that item is still in my cost of goods sold. It throws my accounting off when it comes to inventory.

[JustinC]

Hey there @grove121! I reached out to our Retail Team for this one. 

They recommended heading over to your Item History section, locate the date you received the item in and change the quantity down. This would in turn update your COGS by the next day.

If you received the item through a purchase order, go to it and edit the purchase order quantity down. 

I hope this helps! If you need further assistance, reach out to the Retail Team here - squ.re/contact