I have an item in stock and I paid £20 for that item previously. If I then order more of the same item and pay £19 for it, will my existing stock will be revalued at £19?
I have an item in stock and I paid £20 for that item previously. If I then order more of the same item and pay £19 for it, will my existing stock will be revalued at £19?
I'm concerned that if I pay a different price on a supplier PO for an item I already have in stock, it will revalue my existing stock to the new price. Obviously I would want it to only value the new stock at the new price.
I have an item in stock and I paid £20 for that item previously. If I then order more of the same item and pay £19 for it, will my existing stock will be revalued at £19?
Hi -deckedoutcompos, thanks for joining us here on the Community :)
QuickBooks Online uses the First In, First Out (FIFO) method for stock accounting, meaning that we'll always use the first units sold and their initial cost before any increase in stock price.
I have an item in stock and I paid £20 for that item previously. If I then order more of the same item and pay £19 for it, will my existing stock will be revalued at £19?
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