Other questions

Let me share details about updating cost or selling price on inventory items in QuickBooks Desktop (QBDT) works, @Liftco. this way, you can manage and monitor them accordingly.

When you update the cost for inventory items in QBDT, the new prices will only affect your future sales and won't change your past rate. Then, once you update a bill, the cost will be based on the price in the bill, but it will not change the cost of the previously purchased items (First In, First Out concept). With this, you can click the Yes option to update the item record with the new cost.

Once you're done updating your inventory cost, I'd recommend pulling up the Inventory Valuation Detail report. This will let you view your past and current sales for a specific inventory and verify their cost/selling price. Just go to the Reports menu and select the Inventory option to do so.

Also, I'm adding this article to further guide you in managing your inventory items in QBDT: Add, edit, and delete items. It also includes answers to the most frequently asked questions about the said topic.

Please don't hesitate to comment below if you have other concerns about managing inventory costs in QBDT. I'm just around to help. Take care and have a good day.