Hi there, @7399socks.
I'm here to help share insights about the cost of your inventory items in QuickBooks Online so you can update them accordingly.
Changing the cost of goods sold or the cost of an inventory item does not affect the purchasing amount recorded in your existing transactions. Yes, you can change the cost of a product or service item without worrying about the effect within your existing entries since it'll only reflect on your future transactions.
However, changes like this may affect the amount of COGS tracked within your financial records due to the concept of inventory tracking used in QuickBooks. Kindly read and use this article to learn more: What is FIFO and How is it Used for Inventory Cost Accounting?
I'm also including this reference so you're able to use all the features and functions of QuickBooks: Help Articles in QuickBooks Online. Here, you're able to read subtopics that will describe how a feature is used and how to accomplish tasks related to its functions.
It'll always be my pleasure to help if you've got questions other than working with your product and service items in QuickBooks. Use the Reply button and leave your comment below so that I, @JonpriL, can lend a helping hand.
