Updating cost / sell price on inventory items.

Let me share details about updating cost or selling price on inventory items in QuickBooks Desktop (QBDT) works, @Liftco. this way, you can manage and monitor them accordingly.

When you update the cost for inventory items in QBDT, the new prices will only affect your future sales and won't change your past rate. Then, once you update a bill, the cost will be based on the price in the bill, but it will not change the cost of the previously purchased items (First In, First Out concept). With this, you can click the Yes option to update the item record with the new cost.

Once you're done updating your inventory cost, I'd recommend pulling up the Inventory Valuation Detail report. This will let you view your past and current sales for a specific inventory and verify their cost/selling price. Just go to the Reports menu and select the Inventory option to do so.

Also, I'm adding this article to further guide you in managing your inventory items in QBDT: Add, edit, and delete items. It also includes answers to the most frequently asked questions about the said topic.

Please don't hesitate to comment below if you have other concerns about managing inventory costs in QBDT. I'm just around to help. Take care and have a good day.

Thanks Rea_M, this helps a lot and will get with accountant to discuss

1 more question,

so I click yes to "update item cost" but do I

click yes or no on "item based on new cost"

Do you have a solution for this in QuickBooks Online Inventory Products and Services? Sadly, the last time I checked QuickBooks Online does not have the above additional item price settings that QuickBooks Desktop has in order to make these changes.

Hi there, andriarad. 

Thank you for your feedback and for providing some insight about updating cost or sell price on inventory items.

In QuickBooks Online, you can change the initial cost of the item by going to the Sales menu. I'll show you how:

1. Go to the Sales menu from the left panel. 

2. Choose the Product and Services option.

3. Find the item in the list that you will need to correct and choose the blue Edit button located on the right side of the screen.

4. Now on the Edit screen, scroll until you find the area containing the Starting Value hyperlink and click. 

5. Finally, here you'll see a box labeled as "Initial Cost". Enter the cost of the product here and Save and Close.

Please refer to this article to see steps on how you can manually enter your inventory products and the details associated with the items: Add inventory products in QuickBooks Online.

Also, you can find more ways of how QBDT and QBO are similar and different by looking through this link. Although they may be similar in features, the products have different layouts. If you need any further information, don't hesitate to ask.

If you have any more questions, please don't hesitate to reach back out. I'm always a comment away!

Great! Yes, this is a helpful feature for those starting a relatively new file. Thanks for the feedback. 

How do I increase increase selling price for all customers and all items by 10% without going through each item or each customer separately. I have enterprise 2021.

Thanks

I understand how important it is to increase the selling price for all your customers and all items, rakeshaghi. I'm here to help you with that.

You can either use the Price Levels and Price Rules feature in QuickBooks Desktop Enterprise. This automatically changes the prices of items on sales forms according to the rules you create. 

When you use Price Levels, this changes the price of all items sold to customers assigned a customer type. 

Here's how to create a Price Level:

1. From the Lists menu, go to Price Level List.
2. Select Price Level at the bottom and then choose New.
3. Enter a name for the price level on the Price Level Name field.
4. Select OK.

As for the Price Rules, you have more power and precision to set conditions for when QuickBooks changes an item price. Let's enable the Advanced Pricing feature to create rules. I'll guide you how:

1. From the QuickBooks Edit menu, select Preferences.
2. On the left pane, select Sales & Customers then go to the Company Preferences tab.
3. In the Custom Pricing section, select Enable Advanced Pricing.
4. Select OK.

Once done, you can now create Price Rules and set conditions. For the detailed steps, I'd suggest checking out this article: Use Advanced Pricing.

Additionally, I've included an article that'll help you in managing your sales transactions in QuickBooks Desktop. This ensures your financial details are accurate: Sales and Customers.

If there's anything else that I can help you with, please don't hesitate to insert a comment below, rakeshaghi. Stay safe and healthy.

If I change the setting to always update the sales price based on the new cost, does that override pricing that we write into an order? (i.e. product cost goes up 10% so price automatically goes up 10%, but we want to use the previous price on an order)

Hello there, @leeia.

I can definitely share some insights about this item question. When you update the sales price, this will not update the entries you created prior to the change. The sales order, for example, will retain the value of the old sales price even after changing it.

This means, that changes to the cost or selling price will directly affect future transactions. See this link for more information about updating item details: Add, edit, and delete items.

Post here again if you need further help with your inventory processes. I'll be right here to help you out.

It is pretty jacked QBOsupport that after all these years the engineers still have not implemented a way to Batch update pricing for items. This has been a requested item by nearly every business. Way to go on attention to detail!!! Shout out to VEND, as their inventory management system is a walk in the park by comparison!! 

does this feature offer in Quickbook online version? please advise. thanks.

We're happy you've come to this thread, @ckjc1001.

Know we aim to provide accurate information to our customers to help them resolve their queries. That said, can you tell us more about your concern? Are you looking for the option to change the cost or sell price of the inventory inside QBO?

The Community space is open 24/7. Please don't hesitate to leave a comment below. We'll make sure to get back to you as soon as possible. Take care!

Is there a way to turn off automatically updating sales price if the cost is changed? 

That would be nice if auto updating were even an option in QBO. It is not. So, I am unsure what you are referencing. The pricing is static, whether COGs or sale price and remain unchanged unless you change them. Good luck at getting any helpful assistance from a QBO customer service rep, they are so uninformed of their platform and its capabilities or lack thereof. 

Qbo has yet to address the batch update issue. I have called this in now 4months ago and still received no updates. I cannot update our business pricing for 2024 without going one by one through our products. QBO this is not right. 

Hello there, JasonB17.

If you are using QuickBooks Desktop Enterprise and you enable the 

option Automatic Cost & Price Updates, you have the way to turn this off under the Company Preferences.

Here's how:

1. From the QuickBooks Edit menu, select Preferences.
2. Choose Sales & Customers in the left panel. Then, go to the Company Preferences tab.
3. From the Custom Pricing section, deselect Enable Advanced Pricing.
4. Click OK.

Please refer to the attached screenshot illustrating the preference settings for Automatic Cost & Price Updates:

In addition, I added this article on how to set up advanced Inventory in QuickBooks Desktop Enterprise.

Let me know if you still have any queries about inventory items. The Community is always willing to lend a hand. Have a delightful day ahead.

As of 2 weeks ago, anytime we physically change a cost of an item, it automatically updates the sales price to reflect previous %. 

We appreciate you for providing additional information, JasonB17. Let me share some details about why your sales price updates whenever you modify the cost of an item in QuickBooks Desktop (QBDT).

Whenever the Automatic Cost & Price Updates is enabled, the cost of an item automatically adapts together with the changes made. It might be the reason why your sales price alters when modifying the item's cost. 

To avoid this from happening again, we can switch it off by following the steps below: 

1. Open your QuickBooks company file.
2. Go to the Edit menu and select Preferences.
3. On the Sales & Customers, click the Company Preferences tab.
4. From the Custom Pricing section, select No Custom Pricing to completely turn this off. Meanwhile, you'll also see the Enable Price Levels option. If you're curious about this, you can review this article: Price levels - QuickBooks Desktop.
5. Once done, click OK.

Furthermore, you may also back up your company file. This way, you'll have a copy of your file in case you made unnecessary changes on QuickBooks. To guide you with this, please check this article: Back up your QuickBooks Desktop company file.

Also, I'm adding an article about managing your inventory items: Add, edit, and delete items in QuickBooks Desktop.

Feel free to reply to this thread if you have more concerns regarding your inventory items in QBDT. We're always available to assist you.