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beginner-1
Level 2

I mine and sell gold. the spot price of gold changes and i want to set the price according, so how do i set the cost at the time of sale?

example
Solved
Best answer November 15, 2020

Best Answers
KlentB
QuickBooks Team

I mine and sell gold. the spot price of gold changes and i want to set the price according, so how do i set the cost at the time of sale?

Thanks for reaching out to us, beginner-1.

 

I'm here to share some information about how the service/product rate works in QuickBooks Online.

 

Currently, QuickBooks Online is unable to automatically detect the current spot price of gold in the market. To ensure that your rate is up-to-date and accurate, you'll have to update the price of your product every time the spot price of gold changes. Here's how to do it:
 

  1. Select Sales from the sidebar menu.
  2. Go to the Product and Services tab.
  3. Locate the appropriate product, then click Edit from the Action column.
  4. Enter the updated price in the Sales price/rate field.
  5. Click Save and close to complete the process.

If you offer discounts or charge different rates by item, you can use the Pricing rules feature to let you control the price of your products and services.

 

Keep us posted if you have any other concerns or inventory-related questions. The Community Team always has your back.

View solution in original post

Angelyn_T
QuickBooks Team

I mine and sell gold. the spot price of gold changes and i want to set the price according, so how do i set the cost at the time of sale?

Thank you for the follow-up questions, @beginner-1.

 

I can share with you some additional information about managing items in QuickBooks Online (QBO).

 

The system follows the amounts you've entered per line when recording sales transactions. That said, the amount on the second item won't affect the price of the first one.

 

I've added this screenshot for your visual reference.

 

To learn more about tracking inventories, and adding products in QBO, you may check out these articles:

 

Also, here's a link you can open for an additional guide while managing your sales transactions.

 

If you have any other questions, please feel free to notify me by adding a comment below. I'm more than happy to help. Have a great day!

View solution in original post

5 Comments
KlentB
QuickBooks Team

I mine and sell gold. the spot price of gold changes and i want to set the price according, so how do i set the cost at the time of sale?

Thanks for reaching out to us, beginner-1.

 

I'm here to share some information about how the service/product rate works in QuickBooks Online.

 

Currently, QuickBooks Online is unable to automatically detect the current spot price of gold in the market. To ensure that your rate is up-to-date and accurate, you'll have to update the price of your product every time the spot price of gold changes. Here's how to do it:
 

  1. Select Sales from the sidebar menu.
  2. Go to the Product and Services tab.
  3. Locate the appropriate product, then click Edit from the Action column.
  4. Enter the updated price in the Sales price/rate field.
  5. Click Save and close to complete the process.

If you offer discounts or charge different rates by item, you can use the Pricing rules feature to let you control the price of your products and services.

 

Keep us posted if you have any other concerns or inventory-related questions. The Community Team always has your back.

View solution in original post

beginner-1
Level 2

I mine and sell gold. the spot price of gold changes and i want to set the price according, so how do i set the cost at the time of sale?

i don't know how quickbooks work, so this question may be totally off the wall.

if i sell two items listed under the same type, but one is bigger or better and i want to sell them at  a

different price; then i enter the first item and price; then enter the second item and change the price.

will it change the price of the first item?

Angelyn_T
QuickBooks Team

I mine and sell gold. the spot price of gold changes and i want to set the price according, so how do i set the cost at the time of sale?

Thank you for the follow-up questions, @beginner-1.

 

I can share with you some additional information about managing items in QuickBooks Online (QBO).

 

The system follows the amounts you've entered per line when recording sales transactions. That said, the amount on the second item won't affect the price of the first one.

 

I've added this screenshot for your visual reference.

 

To learn more about tracking inventories, and adding products in QBO, you may check out these articles:

 

Also, here's a link you can open for an additional guide while managing your sales transactions.

 

If you have any other questions, please feel free to notify me by adding a comment below. I'm more than happy to help. Have a great day!

View solution in original post

connietse12345
Level 1

I mine and sell gold. the spot price of gold changes and i want to set the price according, so how do i set the cost at the time of sale?

Hi,

 

I recently converted from Hong Kong dollar to Gold (mace), I am trying to book this transaction at QB but not sure how to open a new account under "Mace" currency.  Can someone please teach me? thank you!!!

JessT
QuickBooks Team

I mine and sell gold. the spot price of gold changes and i want to set the price according, so how do i set the cost at the time of sale?

Hi connietse12345,

 

Currently, we don't have a Mace currency in QuickBooks Online. Upon research, that is now used as a unit of measure instead of a currency. That's why it's no longer included in the list of currencies. As of the moment, we don't have any workarounds for this.

 

You can try finding a third-party app online that can be integrated into QuickBooks and that's capable of handling a Mace as a currency.

 

If you have other questions in mind, you can always go back to this thread. Have a good one!

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