Thanks for posting here in the Community, Helen.
Yes, your accounting result will be affected every time you adjust the cost and price of a certain item.
QuickBooks Online (QBO) tracks inventory using the first-in, first-out (FIFO) concept. You'll want to sell the first units you buy (First In) (First Out). When you enter sales, the system automatically adjusts your asset and Cost of Goods Sold.
To modify the cost and initial quantity of an item, follow these steps below:
- Go to Settings ⚙ and select Products and Services.
- Highlight the item, then select Edit from the Action column.
- Choose Starting Value.
- Select Got it.
- Enter the item's correct quantity and cost.
- Click Save and Close.
You can check out sample scenarios in this article: What is FIFO and how is it used for inventory cost accounting?
All you need to know about tracking your inventories in QBO can be found in this article:
I'd also recommend you consult an accountant for additional guidance in making these changes to ensure the accuracy of your accounts.
You can also run reports to see your sales and inventory status in QBO.
Get back to me if you need help with managing item costs in QBO. I'll be around to answer them for you. Enjoy the rest of the day!
