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R
Rozmore13
December 10, 2022
Question

How to handle a change in price from the vendor

  • December 10, 2022
  • 1 reply
  • 0 views

I am having difficulty with the following:

 

I am submitting a PO to a vender with the old price.  When I receive the bill, it is at another price. I need to know exactly how to handle this and have the Inventory, AP, COGS accounts record properly.

 

Roslyn Morgante

1 reply

MariaSoledadG
MariaSoledadG
December 10, 2022

I'm here to elaborate on some information on how to handle prices, Rozmore13.

 

Purchase orders are business documents that detail a buyer's request for products or services from a supplier. Sometimes, changes in prices happen. With POs, this helps us take control of spending while streamlining the process of acquiring goods. You can manually update the prices on your PO once you receive the bill so prices on both forms are exactly the same. You'll only have to open the PO and then change the prices from there. After that, you can save and close.

 

 Also, PO is a non-posting transaction so, with the difference in prices against the bill, this won't give a great impact on your books. 

 

Furthermore, QuickBooks offers a variety of reports that cater to the aspects of your business. Learn from this article how to customize them so you'll be able to get the information you need: Customize Reports In QuickBooks Online.

 

Fill me in if you have any questions about item prices. I'll be here to help.

R
Rozmore13Author
December 11, 2022

Maria,

 

Thank-you for the advice.  One additional question.  If you pick up the PO and change the price on the PO, must you go to the Inventory Product and Change the Sales Price and the Purchase Price in a separate step.  I

have been told that this can be accomplished by changing the amounts once.  if so, how?

 

Thanks,

 

Roslyn Morgante

Constructive Advice, LLC

DivinaMercy_N
DivinaMercy_N
December 11, 2022

I got you covered, @Rozmore13. I'm here to help you change the price of your inventory products in QuickBooks Online (QBO). 

 

In QBO, once you've changed the price of the items assigned to a Purchase Order (PO), the changes won't affect the entered purchase price of the product. You'll have to edit that item on the Products and Services page. To do so, you'll need to input the info under the Cost field. Let me guide you throughout the process:

 

  1. Navigate to the Gear icon and select Products and Services.
  2. From there, look for the item you need to update and click Edit.
  3. Scroll down to the Cost field and enter the new purchase price of the item.
  4. Make necessary changes and select Save and close when done.

 

For reference, please visit this article: Add product and service items to QuickBooks Online. 

 

Additionally, the program will easily help you see open PO in your account. To get started, just go to the Reports menu and search for Open Purchase Order List report.

 

I'd be glad to assist you further if you have any other concerns about updating prices of your items in QBO. Don't hesitate to get back here in the Community. Have a good one and take care.

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