If you don't track inventory in QuickBooks or any other inventory software and enter the cost manually in ConnectBooks, follow these steps to ensure accurate tracking of the cost of goods:
How to Update Product Costs in ConnectBooks.
Navigate to the products page, select a store, and go to the Product Cost tab.
Here you can view and update your product's cost.
How to update Item Cost Changes:
When the cost of your item goes up or down, ConnectBooks offers a simple way to update your costs.
In the Cost period column press +Add cost period or the calendar icon.
A popup will open, click on Add new period.
Another popup will open, here you will enter the new cost information.
Start date - The day you purchased the stock with the new cost.
Prep cost - If relevant, enter the cost of preparing the product.
Item cost - The new cost of the item.
Once you click save, ConnectBooks will use the new cost from the date you entered.
If you have Remaining Stock with old cost:
If you have remaining stock with the old cost, select Include remaining stock.
If you have stock in FBA, ConnectBooks will automatically check and update the inventory you have as of the date you selected and populate the remaining stock field.
If you have items in your warehouse with the old cost, enter the quantity in the old stock field.
Input the amount of new stock purchased.
The new average cost will be displayed.
Going forward, ConnectBooks will use the new average cost from the date entered. This process can be repeated every time the cost of your items changes, ensuring your cost tracking remains accurate and up-to-date.
Click here to learn how to update your product costs in bulk.