Let me share details on how QuickBooks Online (QBO) handles your product/service reports, @theteam. This way, you'll be able to compare the average price and cost of sales to update your selling price appropriately.
Currently, the Sales by Product/Service Summary report will only display the total sales, quantity, amount, % of sales, and average price of your product or service. However, you can still compare their average price and cost of sales by exporting two kinds of report. First is the above mentioned and second is the Product/Service List. Here's how:
After comparing, go ahead and update your product/service's selling price in the Product and services page from the Gear icon. For the detailed steps, you can refer to this article's Edit a product or service item section: Add product and service items to QuickBooks Online.
The sales reports in QuickBooks will provide you helpful insights on the things you buy and sell, as well as the status of your inventory. To learn more about what reports you can pull up to know your best sellers, what's in stock, and still on order, you can check out this article: Use reports to see your sales and inventory status.
Please let me know if you have other concerns. I'm just around to help.
Let's run another report, theteam.
You can run the Sales by Product/Service Detail report instead. Then, export it to excel so you can manually add the Purchase Price column.
Here's how to export:
Another way is to run two reports (2) namely the Sales by Product/Service Detail and Purchase by Product/Services Detail report, then export both to excel. From there, manually consolidate those reports into one with the information you want to show.
For future reference, you can check this article if you want to use inventory in QuickBooks Online: Set Up And Track Your Inventory.
Let me know if you need anything else. I'll be here to help you anytime.