How do I record new unit costs

[alaynanathe]

I am a new brick-and-mortar. We just received our second round of inventory items and many were being offered at lower prices. How do I record the new inventory at the lower price so as not to change the 'unit cost' for all items we have ever purchased? 

As it stands now, any price changes are reflected as if it was the unit cost for all items we have purchased. Thanks!!

[Candlestore · Accepted solution]

@alaynanathe ;

Welcome to the sellers community forum as I see this is your first post.

Square is good for accepting CC and keeping track of sales, but not for keeping track of all details needed for accounting.  Square does not keep track of your Utility Bills, Rent, Shipping of goods to you for some examples.  Square is a POS and not a financial package for accounting.  This is a short fall of Square.  Square adjusts costs for all items and when you enter a New price for an Item.  You would need an accounting software package to keep this kind of information.  I know Square states they use the FIFO method but the issue is as you mention there is no way for us to see the Dollar values of stock between one cost and an newer updated cost.  Like for you if your previous inventory cost $5.00 per item and now costs $4.75 per item .... there is no report I am aware of in square to show how much inventory is at the 2 different costs.  I am not even sure if Square actually has this data to adjust in the Cost of Goods reporting since I can not find the 2 prices in my reports of Cost of Item X before date Y etc.   For this information I double enter my items in Square and in QuickBooks accounting.

[alaynanathe]

This is a fantastic answer to my questions thank you. It is unfortunate that it can’t track different prices per unit but I think you’re right and that we will have to check it separately in our QBO software.

Appreciate your time!