Hello there, 907gtesam.
I can share details about inventory management in QuickBooks Online (QBO).
Changing the cost of goods (COGS) sold or the cost of an inventory item does not affect the purchasing amount recorded in your existing transactions. You can change the cost of a product or service item without worrying 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 QBO.
You can check out this article for more information: What is FIFO and How is it Used for Inventory Cost Accounting? This includes the detailed steps to edit the cost of an inventory item.
I also recommend visiting our website for more tips and other resources you can use in the future: Self-help articles.
Please leave a comment below if you have follow-up questions about this or anything else QuickBooks. I'm always here, ready to help. Take care.
