cost of sales

This is helpfull for me. 

However, we have over 1500 items; is there a possibility for batch action? 

Can't find it. Thank you.

I’ve got some information for you so you can save time managing these 1500 items in QuickBooks, Capriccio.

You can export your products and services to Excel so you can easily update the cost and the initial quantity. I’ll show you how:

1. Select the Gear icon.
2. Under Lists, choose Products and services.
3. You can filter your items by Inventory, Non-inventory, Service, or Bundle.
4. Click the Export icon beside the Print icon.
5. In the spreadsheet, modify the cost and initial quantity.

Once done, you’ll want to import them to QuickBooks Online to update the values automatically. You can follow the steps below to do it:

1. Go back to the Gear icon, then select Import Data.
2. Choose Products and Services.
3. Select Browse to upload the file from your computer.
4. Press Next.
5. Map your information, then click Next.
6. Select Overwrite all values for each product or service with the same name. Make sure everything looks correct because this can't be undone.
7. Select Import.

Check out this guide for more insights and complete instructions: Import products and services into QuickBooks Online.

Also, you can use this reference to help your sales and inventory organized: Group your products and services into different categories.

If you have any other questions or concerns with managing your items, just let us know by adding a comment below. We'll be more than happy to help. Keep safe!

Hi, I have a similar concern. just like what she said above, the cost of the inventory might change from time to time. for example, on Jan 1. cost of the item is 100. on Jan 5, I sold the item. so I need to restock, I purchased the item but with a cost now 150. and I sold that items. 

question. will me recording the new cost of the item affect the cost of sales on the sale transaction I did on Jan 5?

Hi there, @MMAF.

I'm here to share details about updating item prices in QuickBooks Online.  

Yes, it also impacts your financial reporting every time you change the cost and price of an item. QuickBooks automatically tracks inventory records and adjustments accordingly. 

Here's an article on how FIFO works in QuickBooks Online. It also includes scenarios to understand the First In, First Out concept: What is FIFO?

Alternatively, to gain more information about the items you buy and sell and the status of your inventory. This article will show you which reports you need to run: Use reports to see your sales and inventory status.

Don't forget to mention my name if you need help with your inventory reports. I'd be right back. Have a great day.

@MMAF 

No, it does not impact your sale from Jan. 5.  In your example, the COGS is $100 for the Jan. 5 sale and your COGS will be $150 on your next sale.  QBO uses the first-in, first-out (FIFO) inventory method.  So, the item purchased first gets booked to COGS, then the subsequently purchased item, etc, etc.