How do I need to set up my products & Services to get updated cost of products when I receive new products? So, I can double check my selling prices?

Welcome to the Community, @jacque-glaserste. I'm here to help you sort this out. 

In QuickBooks Online (QBO), if a vendor changes the price of a product or service, the changes won't automatically update the QBO list of products and items. While creating a bill or entering an expense, you can still manually update the costs of products and services from the Amount field. Therefore, there's no need to edit the cost on the product and services page.

Furthermore, when you run an Inventory Valuation Summary report the cost per purchase will still be visible. Here's how: 

1. Go to Reports.
2. From the Find report by name, type in the Inventory Valuation Summary.
3. From the Report period dropdown set your preferred date.

However, if you still wish to update the cost of your products from the product and services page. You can follow these steps:

1. Go to Settings. 
2. From the Lists tab, select Products and services.
3. Find the product or service you want to update and click Edit 
4. Once done updating the costs, click Save and close. 

To successfully track inventory and understand how QBO handles inventory assets, check out these helpful articles: 

• Track inventory manually.
• Set up and track your inventory.

Don't hesitate to comment below if you need further assistance setting up your products and services. I'm always here to assist you. Best wishes!