Handling Voucher Costs
Receiving Overview | Update Item Prices When Costs Change
Basic
Point of Sale averages the cost of inventory items. This means that when items are received at a cost different from the current average unit cost in inventory, the received quantities and costs are averaged together with the existing inventory quantities and costs to determine the new average unit cost of the item.
Example: If you have 10 of an item that was purchased at an order cost of $5 and then receive 10 more purchased at an order cost of $10, the new average unit cost of the item is $7.50.
(10 x 5) + (10 x 10)/20 = 7.50
This allows you to set an accurate profit margin for items and maintain an accurate inventory valuation when using Point of Sale in conjunction with QuickBooks Desktop financial software.
When receiving merchandise, Point of Sale will suggest the cost on the voucher as: 1) the order cost on a referenced purchase order, or, if no purchase order is involved, 2) the current order cost from inventory.
Review and ensure that the correct cost information is entered on the voucher.
To change the voucher cost of an item when receiving:
Highlight the item in the voucher item list.
Click Qty/Cost, enter the new cost, then click OK.
If the voucher cost is different than what is recorded in inventory, Point of Sale will alert you that you may want to review and edit your item prices.
Notes:
The order cost in inventory is not an averaged cost. When items are received at a new cost, that cost becomes the new order cost in inventory and will be suggested as the cost on future purchase orders and vouchers.
Point of Sale supports cost and price entries of up to five decimal places to facilitate ordering, receiving, and tracking items costing fractional cents. Learn more.
You can restrict an employee's rights to view item costs by using Point of Sales security features.
Your inventory prices are updated automatically by receiving vouchers only it the previous regular price is $0 (zero) AND you have a margin or markup entered on the item record.
How vouchers are transferred to QuickBooks Desktop financial software
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