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M
MLK4
February 7, 2022
Question

Finished Goods Inventory

  • February 7, 2022
  • 1 reply
  • 1 view

My company uses QB Desktop Enterprise. We purchase Raw Materials using POs and receive them in. We sell 10 finished good products and I have them set up as inventory using the item lists. We track the FG costs (BOM) off-line. I have entered the cost of the FG in the item however costs have gone up and I would like to update the costs in the item (ie., standard/budgeted cost). Is this possible and how do I do this? TIA

1 reply

MJoy_D
MJoy_DQuickBooks Team
QuickBooks Team
February 7, 2022

I can help you with updating the costs of your items, @MLK4.

 

You can go to the Lists menu to update the cost or selling price on inventory items in QuickBooks Desktop (QBDT).

 

Follow the steps below:

 

  1. Go to the Lists menu and select Item List. 
  2. Double-click the item you want to change.
  3. Enter your changes in the Edit Item window.
  4. Choose OK.

 

Updating the cost for inventory items in QBDT only affects 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.

 

Visit the following article to view the frequently asked questions about the items in QuickBooks: Add, edit, and delete items. This will further guide you in managing your inventory items in QBDT. 

 

You can also check out the following article on how to change inventory item prices using the Price Manager: Use the Price Manager to change inventory item prices.

 

Let me know if you have other concerns about managing inventory costs in QBDT. I'm just around to help. Take care and have a good day!

M
MLK4Author
February 8, 2022

Hi MaryJoyD

 

Thank you for your help! Currently my client uses QBD and tracks inventory in MRPeasy, which only integrates with QBO. Later this year we will migrate from QBD to QBO but in the meantime I want to update the costs for our FG items to more accurately reflect the CGS when an invoice is created. Is there anything else I need to do in QBD besides updating the costs in the item list? 

 

Thanks

C
CharleneMaeFQuickBooks Team
QuickBooks Team
February 8, 2022

Thanks for getting back on this thread, MLK4. I recognize how important it is to accurately update the costs for your FG items. I'm here to help you with that.

 

Since the cost of your inventories has gone up, you only have to update the prices of the products. I'd suggest following the steps shared by my colleague for further guidance. 

 

If you need to edit multiple items, you can go to List, then select Add/Edit Multiple List window. For more tips about managing your inventories in QuickBooks, please see these articles:

 

 

Once your client is ready to migrate to QuickBooks Online, I'd suggest sharing these articles to ensure a seamless migration: 

 

 

I'm only a few clicks away if you need assistance in managing your items in QuickBooks, MLK4. It's always my pleasure to help you out again.

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