What happens when the cost of a product changes?
We introduced a new feature for users of the Quickbooks inventory configuration version of ConnectBooks that addresses this issue.
In QuickBooks Desktop
Choose reports, then choose Inventory from the dropdown menu, and then click on Inventory Valuation Detail.
Then, filter it down to just one product. Choose Customize, then go to Filters, and then type the name of an individual product in the item field.
Switch the dates to all
Now you can see, for example, that 150 units were purchased at the cost of one dollar apiece, and the next time the inventory was re-stocked, the cost of the product went up to three dollars apiece.
Depending on what time period you run a report on, the inventory value will be different.
In the past, ConnectBooks would show you an across the board cost of 3 dollars, regardless of the time period.
With our new update, the cost of the product changes according to the QuickBooks report.
How to access this new feature?
From the ConnectBooks homescreen, choose the Settlements page, and select the new option called Sync Historical Cost.
Keep in mind that the system has to sync a tremendous amount of data, so it could take a few hours. If you want to export a settlement, you can run the sync overnight, or set up an auto run.
Once the sync is finished, you can run a report.
Under Display Settings, you can switch Latest Cost to Average Cost, or, by changing the dates, you can run reports from last month or last year.
You can change the default settings to Average Cost under the Settings tab.
Feel free to reach out to us in the chat for any other questions you may have.