Hi equilibriumvet. Thanks for chiming in on this post. I can see the benefit of having the same feature that QuickBooks Desktop has. Since this feature isn't available yet, I highly recommend sending this as feedback to our engineers. To send feedback, click on the Gear icon and look for Feedback. New product ideas and improvements are largely based on the feedback we get from users like you. Let me know if you have other questions, I'm here to help. 

I need to change the item cost so that it will be retroactive. I now have history and know what the true unit cost should be. Is this possible?

Hi pjmccoy1,

It's great to see you reaching out for assistance with your inventory items.  Having your products and services up to date allows you to create transactions in a timely fashion, so you can get back to what you love.  QuickBooks Online understands that prices can fluctuate and provides you with the ability to make necessary changes when needed.  I'd be glad to help!

To edit the item cost to a previous date, follow these steps:

Click on the Gear in the top right and select Products and Services

Locate the item in your list and hit Edit in the Action column

Choose Starting Value under the Quantity on hand

Enter the As of Date, the Initial Quantity on hand and the Initial Cost

Complete any other fields as you see fit

Hit Save and Close when done

Note:  This will only affect transactions created on or after you've made these changes.  There'll be no impact on prior transactions.

Here's a helpful article for setting up and tracking your inventory in QuickBooks Online.

If you have any other questions, please feel free to reach back out.  We'd be happy to assist!

Thank you Trish_T,

I use QuickBooks Desktop Enterprise 19, not online.  I do not see a Products and Services but I can locate my item list to update cost.

I need to update the cost to be retroactive not going forward.  I've used an item with a bottling cost from the supplier for the item cost.  After a year of producing the product (it actually has multiple components) I now have a better idea what my true cost is for each of the items. 

Can I change the unit cost of each item that will affect cost of goods retroactive?  Otherwise, I have to export the profit and loss report into excel, run reports for items sold and recalculate and then override the cost of goods on the profit and loss. 

Does this make sense?

Hi pjmccoy1.

Making a years worth of retroactive cost changes is something you need to make some journal entries to correct. For this reason I recommend reaching out to your accountant as they are trained in how to do this and know which accounts to debit and credit. If you don't have an accountant you can go to our Find an Accountant page to find one in your area.

Once they let you know which accounts to correct you can make the journal entries by following these steps: 

 

1. Go to the Company menu and select Make General Journal Entries.
2. Fill out the fields to create your journal entry. Make sure your debits equal your credits when you’re done.
3. Select Save or Save & Close.

You should also change the price of the assembly item to the correct one to avoid any further issues. You can do this by going to Lists>Item List>Selecting the item you wish to change>From there you can change the price to an amount you want or even just the total cost of all the items by selecting it from the drop down.

If you have any questions let us know and we'd be happy to help.

When I receive an invoice from a vendor and the cogs price has increased, is there a way to create a rule in QB that will automatically change the cogs to the new price instead of having to go in manually and change it?

Hi woodmoon,

Having the prices automatically update when receiving invoices from your vendors, would be a great time saver indeed.  With the many features currently in QuickBooks Online, there's no automated feature for updating the COGS or creating a rule for the items at this time.  If this is something you'd like to see moving forward, you can reach out to our Development Team and submit your suggestions.  We appreciate all recommendations to help improve your overall customer experience with QuickBooks Online.  I hope this helps!

Please don't hesitate to reach back out if you have any other questions.  We'd be glad to assist!

Has this been updated? So when I input my supplier bills that it updates my inventory quantity AND price? The way it tracks inventory is really convenient, I was wondering if it will update the inventory item to have the latest price as well. 

Hi HalfDiamond,

Thanks for joining us here.  Changing the cost of products and services in QuickBooks Online will need to be done manually.  There currently isn't an option for automatic price updates.  However, I encourage you to submit a suggestion to our Development Team for future updates and product enhancements.  Recommendations are greatly appreciated while we continue to improve your overall customer experience with QuickBooks Online.

If you have any other questions, please don't hesitate to reach back out.  We would be glad to help!