bills and inventory cost

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@Nicole87 wrote:

Hello, how do I get my cost in inventory to be automatically updated when I enter a new vendor bill? I have my inventory list already in QBO+, and I am now adding in vendor bills. But, when I finish the bill and make the payment, only the quantity value is appropriately adjusted. How do I get the cost to be appropriately adjusted as well? We are a jewelry company, so our purchase costs for precious metals fluctuate with the current market cost and I would like to reflect this in my reports. I am new to Quickbooks and am imputing information for multiple years. Thank you.

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@Nicole87 

In QBO. they use the FIFO method. Total asset value is based on the average cost of inventories.

You may want to review this article and follow the steps.

Set up and track your inventory in QuickBooks Online

https://quickbooks.intuit.com/learn-support/en-us/set-up-inventory-lists/set-up-and-track-your-inven...

I can see that this is your first post so let take time to welcome you to the Community space, Nicole87.

I also want to thank you for choosing QuickBooks Online as one of your business partners.

Currently, the option the automatically change the cost of an item or services through a bill is unavailable in QuickBooks Online. This feature is only available in QuickBooks Desktop as for now and it's called Automatic Item Cost Change. Once we enter a different amount on the bill, the program will automatically prompt us if we'd like to apply that certain cost to the item.

Please know that we roll out product enhancements based on the requests that we received from our customers. I'll be taking this post as feedback and share it with our Product Design Team for consideration.

We'll keep you in the loop on our updates and will share any details as soon as we have them through our blog.

For now, we can manually change the cost of your item so that to be updated with the current market cost. You can follow these simple steps:

1. Select Sales from the sidebar menu.
2. Choose the Products and Services tab.
3. Find the appropriate item.
4. In the ACTION column, click the Edit link.
5. Enter the updated amount in the Cost field.
6. Click Save and close when you're done.

I've also included an article that will guide in tracking the things that you buy and sell, and the status of your inventory: Use reports to see your sales and inventory status.

We're open 24/7 here, so please don't hesitate to visit us if you need more help in managing your inventory. As always, assistance is just one post away.