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M
MrsHP
March 15, 2023
Question

Inventory

  • March 15, 2023
  • 1 reply
  • 0 views

I am running into a predicament when I receive inventory items on a bill for items that I have previously sold but replenishing. The item's cost has gone up since the last time I purchased. I type the new pricing for the item on my bill so that the amounts match to the bill from my vendor. I click the save and close button when finished.  The problem is, the new cost is not posting to the item within the inventory, so I have to go into each item within the inventory log and change the cost and markup pricing from there so it will be correct when I sell the items next. Is there any way to get around this?

1 reply

DivinaMercy_N
DivinaMercy_N
March 15, 2023

It's nice to see you here in the Community, @MrsHP. I want to ensure you'll be able to 

 

Thanks for sharing the details of your concern. To help you with this, we have to edit the cost of the inventory items by going to the Products and Services page. The changes will be applied to the next expense or sales transactions you'll create. 

 

Follow along below to get this done right away.

 

  1. In your QBO account, select the Gear icon and choose Products and services.
  2. Then, look for the item you need to update the cost and select Edit.
  3. Next, go to the Cost field and enter the correct amount.
  4. If you want to change the sales price, just enter the correct amount in the Sales price/rate field. 
  5. Once done, click Save and close. 

 

To get more information about the process, check out this article: Add product and service items to QuickBooks Online. 

 

In case you need to update the expense or sales account assigned to an item, feel free to read this link: Change the account for a product/service item. 

 

I'm always here ready to lend a hand if you have any other concerns about managing your inventory in QuickBooks. Please don't hesitate to leave a reply below. Have a good one and stay safe. 

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