Skip to main content
K
kabarnard-01-gma
December 1, 2022
Question

Does Quickbooks Online update the Product Cost automatically when loading a new Supplier Bill and there is a price increase/decrease from the last cost?

  • December 1, 2022
  • 1 reply
  • 0 views
For accurate Cost of Sale, it should be averaging the cost across the stock on hand at that time or does it keep the COST until it is manually changed?  When manually changing it recalculates the  past COS so this does not seem right. If one does not change the COST, will QB do the correct COS calculation from the new supplier bill COST loaded from that date forward?

    1 reply

    R
    RoseJillB
    December 1, 2022

    Welcome to the Community, kabarnard.

     

    Let me share insights about updating prices or costs in QuickBooks Online (QBO).

     

    Updating costs or prices has to be done manually in QBO. When you update the cost for inventory items in QBO, the new prices will only affect your future sales and won't change your past rate. Then, once you update a bill, the cost will be based on the price in the bill, but it will not change the cost of the previously purchased items (First In, First Out concept).

     

    Once you're done updating your inventory cost, I recommend opening the Inventory Valuation Detail report. It will enable you to check the cost/selling price of your recent and ongoing sales for a particular inventory. To do that, navigate the Reports menu and enter Inventory Valuation Detail from the search bar.

     

    Moreover, you can check out this article to customize the data showing on your report: Customise reports in QuickBooks Online.

     

    Feel free to comment below if you need further assistance updating inventory costs. The Community is pleased to help you. Stay safe!

    Terms & ConditionsAccessibility statement