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Level 1

Add Inventory Cost to Existing Items

We are a manufacturer & distributor that has used QB's Enterprise for 6 years.  We don't use the inventory for costing, but we do use it for sales.  Currently, all costs are zero and therefore selling them does not affect Inventory or COGS.  We would like to start using QB's for costs as well.  When I do add cost to an existing item that has sales history and then sell it via invoicing, QB's is not recording the cost in Inventory or COGS?  But, if I add cost to an existing item that has no sales in the past, then QB;s records the cost in Inventory and COGS.  How do I add cost to existing inventory items with prior sales?  I don't want to start over, as we would lose our history.  Thanks!

3 Comments
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QuickBooks Team

Add Inventory Cost to Existing Items

Thanks for visiting the Community, @JMart82.

 

I've got some information about adding costs to existing inventories in QuickBooks Desktop Enterprise (QBES).

 

You're able to show the cost rate to the existing inventory items with prior sales if you'll add a new quantity on hand. For instance, if you've added 5 quantity on hand for your inventory, then you'll also have to indicate their costs.

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 Also, you can receive inventory or items with or without a bill after you record the purchase order. Just make sure to add a cost rate when receiving the items. This way, you're able to update or keep track of your quantity on hand per item. Here's an awesome article that you can refer to: How to receive inventory in QuickBooks Desktop?.

 

Please let me know if I can be of any help with managing your inventory items in QuickBooks Desktop. I've got your back. Take care and have a great day, @JMart82.

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Level 1

Add Inventory Cost to Existing Items

Hi John,

 

Thanks so much for your help.  One more question.  So the best way for us to start using QB’s inventory is to enter actual inventory quantity and unit cost on a given date using the “Adjust Quantity and Total Value on Hand”?  From then forward inventory count and value should work correctly?

Thanks John, that helps but I have a few more related questions:

 

Does QB’s Enterprise account for sales and receiving of product from the time you “Start Inventory Counting” and when you enter it into QB’s?  Or is this only available in the retail version?  Or do we have to make a manual adjustment to account for sales and receiving that occurs during that time?  For example, we do a physical inventory count on December 31st.  It might not get verified and entered into QB’s for a few days.  During those few days, we have sales and receiving occurring.  How do we account for them? 

 

Thank you!
Jeff

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QuickBooks Team

Add Inventory Cost to Existing Items

Hi there, Jeff.

 

QuickBooks will count the sales based on the date of the sales transaction (invoice or sales receipt), and receiving of product based on the date of item receipt or purchase transactions. 

 

Although, you can still create an adjustment to account for the sales and items received during the time that the item is not yet recorded in QuickBooks.

 

Follow the steps in this article on how to enter it: Adjust your inventory quantity or value in QuickBooks Desktop.

 

Please add another reply below if you need anything else. 

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