Just like how we can set the selling price of a product on QuickBooks, can we also set the cost price of a product? If so, how do we go about doing that?

Yes, dear Customer. We can also set a cost price for a product.

Firstly, we can only set a Cost Price for an Inventory product. However, the Inventory feature is only available in QuickBooks Online Plus and Advanced.

If you're using either of these subscriptions, please follow the steps below on how to add a cost price:

1. Navigate to the Gear icon, then choose Products and Services.
2. Click New, then select Inventory.
3. Enter a Name, Quantity on hand, and As of date.
4. Scroll down, locate the Cost tab, and then enter an Amount.
5. Modify the rest of the field, then click Save and Close.

On the other hand, if you're not using either of these subscriptions, you might want to consider upgrading your subscription. For further information, please refer to this article: Upgrade or downgrade your QuickBooks Online edition.

Additionally, you can check out this article to learn how to see your best sellers: Use reports to see your sales and stock status in QuickBooks Online.

Let me know if you have further concerns about adding a cost price for your product. Keep safe.