Question

Products

Forum|Forum|3 years ago
February 10, 2023
4 replies
43 views

When I enter a product and it has the cost and sale price, if I enter the cost of 50 apples and sell them for 0.25 does that affect anything or should it be what the cost of one item to the sale price?

QuickBooks Online

Z

ZackE_

Moderator

Thanks for getting in touch with the Community, larrysrsp.

When creating products, your Sales price/rate field is used to specify an amount you charge customers for purchasing the item you're creating. If you charge a variable rate, you can leave this field blank, then add your price when filling out invoices or sales receipts with the product on them.

Your Cost field is where you'd enter the amount you spend to purchase each of the product you're creating.

I've also included a detailed resource about creating and managing products which may come in handy moving forward: Add product & service items

If there's any additional questions, I'm just a post away. Have an awesome Friday!

O

oceanbeachesglass

ZackE, I have a question about that.

Should that work for Inventory as well as Non-Inventory Products? I've tried it for Inventory items, and it seems that whatever price I first assign is what remains as the price for that product. And there's also the question of what value is used for the cost doing it that way.

I have vendors that create various kinds of art, so have unique items at differenct costs each time they stop in to sell things. I'd like to use Inventory Products for them as you describe, and maybe have a set % markup so the cost could be determined from each sale price. Is there some way to do that?

Angelyn_T

Moderator

I appreciate you joining the thread, @oceanbeachesglass. Let me give you additional information about setting up products and services in QuickBooks Online (QBO).

Yes. The idea shared by ZackE works for both inventory and non-inventory items. When recording your sales entries, the system will use the sales price you've entered. However, you can always modify the amount if you need to either on the product's setup or when recording your entries.

To update the rate through the Products and Services window:

Go to the Gear icon, then Products and Services.
Locate the item.
Click on Edit under Action.
Modify the Cost or Sale Price from there.
Repeat the same steps for other products.

I'm adding these screenshots as your visual references.

It works the same with your purchase transactions. The cost will be determined by the item's price/rate.

On the other hand, setting a % markup for your costs and sales prices is not an option for now. I understand the importance of this feature for your business. For now, I recommend sending this idea directly to our product developers so they can consider this in the future.

Here's how:

Sign in to your QBO account.
Go to the Gear icon at the top, then Feedback.
Enter your comments or product suggestions.
Hit Next.

Once done, your valuable suggestion goes to our designated team to help improve your experience in QBO. You can track feature requests through the QuickBooks Online Feature Requests website.

If you want to control the price of your products and services, you can set up rules for them. You can offer discounts or charge different rates by item. I'm adding this material for more information: Set price rules in QuickBooks Online.

It's my pleasure to share these details with you today. If you have follow-up questions, let me know by leaving a comment below. I'm always here to help. Have a good one!

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