How do I determine which inventory cost method is set up in our QBO Plus? Our costs are not updating when adding inventory.

QuickBooks Online (QBO) uses the FIFO method for inventory cost, accounting666.

FIFO (First In, First Out) in QBO tracks inventory by assuming the oldest purchased items are sold first. It adjusts inventory value and Cost of Goods Sold (COGS) based on this method when sales are recorded.

For more detailed information, you can check out this article: Inventory valuation methods for cost accounting.

You may also consider visiting QuickBooks Live Expert Assisted. Our experts can support your inventory process, streamlining tasks such as financial tracking and sales management.

Feel free to comment below if you have other questions about this.