Quickbooksonline. We use Inventory for foils and cost of sales for latex, helium etc. Can you please advise how I reach a cost price in Products and Services? Thank you

Hi suzanne9

The cost price option of a product and service is only available if you have our Plus package.

If you have a Plus package you can enter the cost price by selecting the cog/gear icon, selecting product and services, select new, select stock/non stock/service and enter the information including the cost box.

Hello John C

Thank you for your response.  I have the Plus package.  Does an entry in the cost box, either inventory or cost of sales, make any difference to the accounting figures.  I am in process of getting to grips with Quickbooks and tidying our working practices.

Thank you.

Suzanne

Hello there, @suzanne9, 

Thanks for confirming you're using the Plus version. I'm here to share some insights about managing your inventory. 

Once you enter the cost in either inventory or cost of sales, there's no difference to your accounting figures. It will automatically reflect on the stock asset, income and expense account you've selected during the setup. Please see the screenshot below to serve as your visual guide. 

You can read through this article if you want to learn more about the impacts of stock tracking on your Balance Sheet and Profit & Loss reports. For additional links about inventory in the program, here's a great article you can refer to: Stock Links and Resources. 

The information and resources above will help you get the grips with QuickBooks, @suzanne9. 

You can always update this thread if you have other concerns. I'll be around to help. 

Thank you for your information and help.

Suzanne9