Assume the following steps:
1 case of pineapple cost me $20 and I sell it for $25.
1.- My customer asks for 1 case of pineapple (I create an estimate OR a sales order)
2.- I don't have 1 case of pineapple on hand.
3.- So, I place a purchase order for 1 case of pineapple from a vendor.
4.- When I receive the bill, their price has changed from $20 to $22. So, I change the new cost to $22 (receive inventory with bill) and the sales price updates to $27.
5.- Next, I go to create invoice and choose my customer. A window appears saying that there is an estimate or sales order. So, I create an invoice for the customer, but the sales price remains at $25 instead of changing to $27.
If tomorrow the cost of pineapple changes to $27, then the whole process reapeats and instead of making a profit, I break even or worst end up losing money.
Is there a way to automatically change the price in the scenario that I just explained?
There is a couple of issues here and a bug in QB you have to cope with
In preferences mark up will do what you are asking if you turn it on and set it up
When you purchase and the cost changes, QB puts up a prompt asking if you want the cost changed, say yes. If you are not seeing that prompt, then that is one issue. If you are not seeing that prompt, then in Menu Edit>Preferences>General>My Preferences tab, check mark the setting to bring back one time messages. The next time you do it, you should see the prompt.
The other issue is a bug in QB. Mark up will work, as long as you do NOT change the cost manually, as soon as you change the cost manually the sales price mark up stops working. I know of no way to get it to work again short of creating a new item, and doing a qty & value adjustment to move present stock to the new item.
That said it is the item sales price that changes, and that has to happen before you put the item on the invoice/sales receipt. It will not work if you use memorized transactions either.
Thank you for your response.
What do you mean by "Mark up will work, as long as you do NOT change the cost manually, as soon as you change the cost manually the sales price mark up stops working."
The only place I change the cost manually is when I receive inventory with bill, I change it manually to reflect the true total value of the bill. If I don't change it, then the bill is going to have the value of the previous cost.
On my purchase orders, I have ordered 1 cs of pineapple for $20. Next, I click on receive inventory with bill and chose the vendor, the vendor bill is $22. So, the only way is to manually change the cost of pineapple from 20 to $22.
I am having the same problem. I enter my items in the item list. I enter my cost and it automatically puts my 20% mark up on my sales price that I entered through preferences, time & expenses, company preferences, default markup percentage. Next I enter my bill and bring up my item that needs paid. The cost has changed so I type in the new cost. A message pops up that says “items cost changed “. “You have change the cost for XXXX. Do you want to update the item with the new cost? “I hit yes and none of my costs are getting updated.
Hello there, Scott116.
Welcome to the QuickBooks Community. Let me share a few things as to why none of the item costs are updating.
There is a possibility that the company file or the software is corrupted. To resolve this issue, you’ll need to verify and rebuild any possible damaged data components on the company file. Check out this article for the steps: Verify and Rebuild Data in QuickBooks Desktop.
Once done, try updating the item costs again. If the same problem persists, you’ll have to repair QuickBooks Desktop. This will resolve unusual errors or issues when working in the program. Here’s an article for the detailed instructions: Repair QuickBooks Desktop.
By performing the steps provided in those articles, I’m confident you’ll be able to update the costs of the item.
Let me know if there is anything else you need. I’ll be here to keep helping. Have a good one!
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