Thanks for sharing details, @jacky C.
I’m here to guide you on how to update your product cost. You’ll want to edit the item from the Product and Services tab. Before doing so, ensure the quantity of the item is zero before adjusting the cost value. This way, it’ll not override the cost value of the previous item.
Adjusting the cost value of the item while their still stock left affects the initial value of your inventory. This can cause discrepancies in your reports. In this case, I’d recommend creating another item at a different cost. I’d also recommend consulting with your accountant for additional advice on the best action to take.
Nonetheless, here’s how to edit your product and service item in your QuickBooks Online (QBO) account:
- Go to the Gear icon.
- Select Products and services.
- Locate the product you want to adjust and click the Edit link under the ACTION column.
- Adjust the cost of the item then click Save and close.
You can also read this article for more information: Adjust inventory quantity on hand in QuickBooks Online.
Additionally, you’ll want to refer to this article on how you can manage and track your inventory effectively in QBO: Set up and track your inventory in QuickBooks Online.
Let me know if there’s anything else I can help you with about managing your inventory. I’d be more than happy to work with you. Keep safe.
