How to record Landed Cost in QB online ?

Create an expense account named clearing, and then when the additional bills come in:

1. Pay the shipping/customs bill or enter the bill and use that clearing expense account as the expense for the transaction

2. Edit the original bill as follows:
2a. increase the total amount for each item by a portion of the new bill
2b. change to the account portion of the bill at the top, select the clearing expense account, enter the amount of the bill as a negative number
2c. save the edited bill and click though any warning you may get about payments being applied.
2d. Insure the clearing expense account is zero balance, if not go back and adjust the item totals.

QB will use the edited bill to update the purchase cost. If any of the items were sold between the original bill and the additional bills, QB will automatically make the adjustment to the COGS account for the change in purchase cost.

Thanks @Rustler 
If cost of each item in the bill increased by its portion of shipping/customs cost, will that a ffect the total amount due to the vendor (my accounts payable balance)? 

step 2b stops that from happening

Thanks Rustler for the answer

However, I have the following related question.

1. What happens if I purchase another quantity of the product but the costs of the product and the landed cost is also different. If I do the same as you suggested will it take the new cost or the old cost to make the adjustment to the COGS account. ?

2. Does this also mean I do not need to enter the total cost in the product information ?

Regards

I have the answers to your follow-up questions, @Sahm11. 

The system will take the new cost when you perform the steps suggested by Rustler above. This way, it'll make an adjustment to the COGS account properly. With this, there is no need to enter the total cost in the Product/Service information window. 

Moreover, I'd suggest running any inventory reports in the program. These will help you view your best sellers, what’s on hand, the cost of goods sold, and inventory statuses. Just go to Reports from the left menu. Then, enter a report name in the Search box. For more details, visit this article: Use Reports To See Your Sales and Inventory Status. 

I'm just a comment away if there's anything else you need. Enjoy the rest of your day, @Sahm11. 

Thanks Raymond for the prompt reply.

If I do these steps, will QB change the COGS of the items I already sold or it will update the ones from the update forward ?

Let me explain what I want to do.

1. I bought two products and the cost for example was $5000 each. At that time I did not do the Clearing Account and I only entered the total (product cost + Landed Cost) in the Product/Service information window.

2. Now all the product quantity is sold. If I do the clearing account steps will it update all the quantity I sold?

3. A new quantity of the same product arrived with a cost of $6000 each. If I use the clearing account again for the new quantity is it going to replace the amounts of the items I already sold, or it will start from the day I do it forward ?

Thanks

Thanks for sharing the details, @Sahm11.

As my colleague shared above, QuickBooks will adjust the COGS account when you perform the steps given by Rustler. Also, adding a new quantity for the product with different cost will update the item. Rest assured it'll not affect transactions link to the previous item.

I got you this article that you can read to learn more about managing and tracking your inventory in QuickBooks Online (QBO): Set up and track your inventory in QuickBooks Online.

Also, I got you this article that can guide you through the detailed steps in case you want to modify your product and services in QBO: Remove or merge a product or services.

Know that I'm always here to help in case you have other concerns. Have a great day ahead!