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A
a-mblanchard
April 29, 2019
Question

Do i change the cost price of a product when it goes up in price

  • April 29, 2019
  • 3 replies
  • 23 views
do i need to adjust the cost price in the products and service area

3 replies

A
Anonymous
April 29, 2019

Hello,

 

Thank you for being a member of the QuickBooks family. I'll be glad to help you with the product cost price. QuickBooks Online offers a robust inventory management feature where you can edit your product details in a few easy steps.

 

If the product is costing you more to purchase, you can edit the cost price by doing so:

  1. Select Sales
  2. Select Products and Services
  3. Locate the product you wish to edit
  4. Select Edit under the Action column
  5. Change the cost amount
  6. Select Save and close

To know more about the QuickBooks Online inventory feature, check this community page.

 

Let me know if you have any other questions.

D
djskev
October 15, 2019

QB online: Would this change past invoices? I do not want my profitability to be wrong. ALSO can I change the selling price without changing past invoices?

AddieC
AddieC
Level 5
October 15, 2019

Hello djskev,

 

You're right on track! Changing your cost price and selling price won't affect past invoices or purchase orders. This adjustment will only affect the transactions moving forward.

 

I know how important it is to have an accurate profitability report, so I'm glad you reached out to clarify this. 

 

If you've got any other questions about inventory, let me know.


Have a great day.

vpcontroller
vpcontroller
Level 7
April 30, 2019

@a-mblanchard @407737 

 

NO, not really. You can change the cost price but the data is only for creating Vendor Purchase Orders.

 

Actual FIFO cost counts when you buy products and enter it under Vendor Item details tab either as a Bill or Check or Expense form.  That,s all you need to do. QBO will take care of the COGS side when you can create a Sales form (invoice or sales receipt).

 

Z
Zaheer uddin
December 30, 2020

Hi 

 

I have entered bills from vendor ,but when I check the item it does not show cost as being updated from the bills . What could be the issue .

 

Thanks 

 

Zaheer 

J
JamesM
Level 5
December 30, 2020

Hi there. Thanks for taking the time to chime in on this thread. QuickBooks is the go to program when it comes to streamlining the way you manage your products and services. I'll be happy to share more info on this. In order to edit the cost of product/services, follow the steps below: 

  1. Click the Sales tab, then select Products/Services.
  2. Click Edit next to your item.
  3. Manually adjust the cost, then click Save and Close. 

If you're having issues, I recommend clearing cache and cookies as you may be experiencing browser issues. Clearing cache and cookies is a great way to clean your browser allowing it to work more efficiently. Here's an article which shows you how to do that: How to clear cache and cookies. If this doesn't work, I suggest using a private/incognito window to see if that works instead. Try this out and let me know what happens. 

 

I encourage you to try this out and let me know how you make out. I'll be one message away in case you need anything else. :)

P
pjmccoy1
November 30, 2021

I need to change the item cost so that it will be retroactive. I now have history and know what the true unit cost should be. Is this possible?

T
Trish_TQuickBooks Team
QuickBooks Team
November 30, 2021

Hi pjmccoy1,

 

It's great to see you reaching out for assistance with your inventory items.  Having your products and services up to date allows you to create transactions in a timely fashion, so you can get back to what you love.  QuickBooks Online understands that prices can fluctuate and provides you with the ability to make necessary changes when needed.  I'd be glad to help!

 

To edit the item cost to a previous date, follow these steps:

 

Click on the Gear in the top right and select Products and Services

Locate the item in your list and hit Edit in the Action column

Choose Starting Value under the Quantity on hand

Enter the As of Date, the Initial Quantity on hand and the Initial Cost

Complete any other fields as you see fit

Hit Save and Close when done

Note:  This will only affect transactions created on or after you've made these changes.  There'll be no impact on prior transactions.

 

Here's a helpful article for setting up and tracking your inventory in QuickBooks Online.

 

If you have any other questions, please feel free to reach back out.  We'd be happy to assist!

 

 

 

 

 

 

 

P
pjmccoy1
November 30, 2021

Thank you Trish_T,

I use QuickBooks Desktop Enterprise 19, not online.  I do not see a Products and Services but I can locate my item list to update cost.

I need to update the cost to be retroactive not going forward.  I've used an item with a bottling cost from the supplier for the item cost.  After a year of producing the product (it actually has multiple components) I now have a better idea what my true cost is for each of the items. 

Can I change the unit cost of each item that will affect cost of goods retroactive?  Otherwise, I have to export the profit and loss report into excel, run reports for items sold and recalculate and then override the cost of goods on the profit and loss. 

Does this make sense?

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