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Updating cost / sell price on inventory items.

Forum|Forum|4 years ago
August 24, 2021
4 replies
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2 part question:

1) When I update costs for inventory items do the new prices only affect future sales or does it change past pricing as well? Reason for question is that the accountant seems to think that changing these costs affect prior financials?

2) When entering a bill and item cost will change do I click yes or no (see attached)

Inv-cost-update.pdf

QuickBooks Enterprise Suite

Best answer by AlcaeusF

Hello @Liftco,

I appreciate you for getting back to us here in the Community. Allow me to step in and provide additional information related to the inventory items in QuickBooks.

The option you choose will depend on the outcome that you want for the item. If you need to change the selling and markup price to the new amount, select Yes.

If you want to retain the existing figures, you can choose the No option. You can always change this field later on by editing the product or service in QuickBooks.

In case you need the steps, here's how:

From the Lists menu, then select Item List.
Double-click the item you want to change.
Enter your changes in the Edit Item window.
Choose OK.

Additionally, I recommend visiting the following article to view the frequently asked questions about the items in QuickBooks: Add, edit, and delete items.

Reach out to me if you have any other questions regarding the process in the Desktop version. I'll be happy to help you some more.

R

Rea_M

Let me share details about updating cost or selling price on inventory items in QuickBooks Desktop (QBDT) works, @Liftco. this way, you can manage and monitor them accordingly.

When you update the cost for inventory items in QBDT, 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). With this, you can click the Yes option to update the item record with the new cost.

Once you're done updating your inventory cost, I'd recommend pulling up the Inventory Valuation Detail report. This will let you view your past and current sales for a specific inventory and verify their cost/selling price. Just go to the Reports menu and select the Inventory option to do so.

Also, I'm adding this article to further guide you in managing your inventory items in QBDT: Add, edit, and delete items. It also includes answers to the most frequently asked questions about the said topic.

Please don't hesitate to comment below if you have other concerns about managing inventory costs in QBDT. I'm just around to help. Take care and have a good day.

L

LiftcoAuthor

Thanks Rea_M, this helps a lot and will get with accountant to discuss

R

rakeshaghi

How do I increase increase selling price for all customers and all items by 10% without going through each item or each customer separately. I have enterprise 2021.

Thanks

C

CharleneMaeF

I understand how important it is to increase the selling price for all your customers and all items, rakeshaghi. I'm here to help you with that.

You can either use the Price Levels and Price Rules feature in QuickBooks Desktop Enterprise. This automatically changes the prices of items on sales forms according to the rules you create.

When you use Price Levels, this changes the price of all items sold to customers assigned a customer type.

Here's how to create a Price Level:

From the Lists menu, go to Price Level List.
Select Price Level at the bottom and then choose New.
Enter a name for the price level on the Price Level Name field.
Select OK.

As for the Price Rules, you have more power and precision to set conditions for when QuickBooks changes an item price. Let's enable the Advanced Pricing feature to create rules. I'll guide you how:

From the QuickBooks Edit menu, select Preferences.
On the left pane, select Sales & Customers then go to the Company Preferences tab.
In the Custom Pricing section, select Enable Advanced Pricing.
Select OK.

Once done, you can now create Price Rules and set conditions. For the detailed steps, I'd suggest checking out this article: Use Advanced Pricing.

Additionally, I've included an article that'll help you in managing your sales transactions in QuickBooks Desktop. This ensures your financial details are accurate: Sales and Customers.

If there's anything else that I can help you with, please don't hesitate to insert a comment below, rakeshaghi. Stay safe and healthy.

I

imhere2day

It is pretty jacked QBOsupport that after all these years the engineers still have not implemented a way to Batch update pricing for items. This has been a requested item by nearly every business. Way to go on attention to detail!!! Shout out to VEND, as their inventory management system is a walk in the park by comparison!!

I

imhere2day

Qbo has yet to address the batch update issue. I have called this in now 4months ago and still received no updates. I cannot update our business pricing for 2024 without going one by one through our products. QBO this is not right.

J

JasonB17

Is there a way to turn off automatically updating sales price if the cost is changed?

I

imhere2day

That would be nice if auto updating were even an option in QBO. It is not. So, I am unsure what you are referencing. The pricing is static, whether COGs or sale price and remain unchanged unless you change them. Good luck at getting any helpful assistance from a QBO customer service rep, they are so uninformed of their platform and its capabilities or lack thereof.

J

JasonB17

As of 2 weeks ago, anytime we physically change a cost of an item, it automatically updates the sales price to reflect previous %.

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