I switched from the desktop to QBO Essentials last year and have old inventory prices that I need to update. Can I edit inventory costs in QBO Essentials?

I'd be glad to help change the old cost of your inventory item, mattjferreira11-. 

Let's go to the Products and Services page and edit the value of the item from there. However, the track inventory option is only available in QuickBooks Online Plus and Advanced.

1. Click the Gear icon.
2. Select Products and Services. 
3. Locate the inventory item, then click Edit under the Action column. 
4. Enter the correct Cost of the item. 
5. Press Save and close to update the changes. 

However, if you wanted to completely delete inventory items in QBO, this option is currently unavailable. Though, you can only make them Inactive. 

You also have the option to restore deleted products or service items. Please checkout this article for the complete steps: How to edit, delete, and restore list elements.  

 Always feel free to leave a post if you have other questions. I'm always here to help. Stay safe!

Thank you for your reply, but when I go to edit, it only gives me the option to edit the sales price and then when I click save it doesn't let me because it says an Inventory COGS account is required.

Thank you for getting back to us, mattjferreira11-.  

If you're using Inventory type, you'll have the Cost option. Yes, you'll need to enter your COGS account under Expense account.   

If you need to adjust inventory quantity on hand, please check this out for additional guidance: How to Adjust Inventory Quantity on Hand. 

Should you need help with anything else, you're always welcome to post again here in the Community. We're glad to be of your service. Stay safe!

It only gives me the option to change the sales price/rate.

Welcome to the Community,@mattjferreira11.

Thank you for your time posting today. Let me help you understand why you're unable to see the option to change the price/rate on your Products and Services tab.

The Inventory Tracking feature is only available in QuickBooks Online Plus and QuickBooks Online Advance. That's why you're only able to change the price/rate, and not the cost. You can deactivate the inventories that you no longer track.

Here's how:

1. Click on the :gear:Gear icon.
2. Under Lists, select Products and Services.
3. Click on the drop-down, then select Make inactive.
4. Select Yes.

You can also review this article:QuickBooks Online products and features. This will help you compare the different features available in each QuickBooks Online product.

Please let me know if I can be of any additional assistance. Stay safe and have a good one!