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Changing Cost of Goods Sold on an inventory product without changing historical

We have had some updates on cost of an inventory product.  We changed the cost and it changed all the historical prices as well. I've read that inventory items do not change historical, but when the cost changed, I pulled a transaction detail report on the product for the year and all has been changed to the new updated cost.  We definitely did not want that.

I don't know if I have to go manually update thousands of costs for all the previous invoices or is there a way to fix it? How can I update the cost without it it affecting the previous cost?

5 Comments
QuickBooks Team

Re: Changing Cost of Goods Sold on an inventory product without changing historical

Thanks for providing on-point details about your concern, @Christine77

 

When you change the product's cost, the system will prompt you if you'd like to update the historical transactions as well. If you select Yes, it will update. However, it won't update if you choose No. Check out the screenshot below for your visual reference. 

 

UpdateProductCost.PNG

 

For now, you'll have to manually update the cost on each invoice associated with the product. This is the recommended method to do since all transactions have been changed to the new cost on the Transaction Detail report.

 

Please know that I'll take note of your valuable suggestion. This way, it will help improve your experience in using the program. I suggest visiting our blog posts to learn more about the product innovations. 

 

There are reports you can run to see your best sellers, inventory status, and the cost of goods sold. To access the reports, go through this article: Use Reports

 

You can also check out this article: Impacts of InventoryTracking. This link provides detailed info on how inventory tracking affects your Balance Sheet and Profit & Loss reports. 

 

I'll be right here to help if you need anything else. Take care always, @Christine77

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Re: Changing Cost of Goods Sold on an inventory product without changing historical

Thank you for your assistance. However I still have an issue. The update historical yes or no is not popping up when the cost is changed. I just went and changed on again to see if I missed something and it wasn't there.

QuickBooks Team

Re: Changing Cost of Goods Sold on an inventory product without changing historical

Hello, @Christine77.

 

 

Let's make sure to allow pop-up windows  in your account. By doing so, you'll be able to view the prompt for updating historical transactions.

For additional insights in resolving issues while navigating in your account, you can read through these articles:

Feel free to visit us here in the Community if you have other questions. I'm always here to help.

Not applicable

Re: Changing Cost of Goods Sold on an inventory product without changing historical

I have done all that and still is not working. I think I will try calling in because I need to get this fixed. Thanks all for you help.

QuickBooks Team

Re: Changing Cost of Goods Sold on an inventory product without changing historical

Hi @Christine77,

 

We appreciate your reply regarding the status of the issue you stated above. I'd also agree that it would be best to speak to support representative to get this fixed

 

If you're looking to contact our Technical Support team, here are the steps:

  1. Log in to your QuickBooks Online company.
  2. Click the Help menu.
  3. Select Contact us.

This article will teach you how to track the items that you have paid but haven't received yet: How to track your prepaid inventory. A detailed step by step guide can be found in the link I provided.

 

Please feel free to comment below if you have any other questions. I'll get back to you as soon as I can.

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