To ensure that your Cost of Goods Sold (COGS) report are accurate and up to date, you need to make sure that your product or services have right cost price entered in QuickBooks Online. For this, you need to manually export the list, put the respective cost price for each product or service and then import back to your QuickBooks Online account.
Below is the step-by-step process to do this:
1) Export the products or services list from your QuickBooks Online account as shown below.
2) Open the exported file and enter the cost price for each product or service that is there in the file.
3) Once done with entering the prices, now import them back to your QuickBooks online account. To start importing, click the gear icon in the top right side on the dashboard as shown below.
4) As shown in the above image, click “Import Data” under tools sections. You are redirected to a new page. Click “Products and Services” option as shown below.
5) The Import Product and Services page is displayed. Click Choose File to choose the excel or CSV file you want to import to your QuickBooks Online account.
6) Once you finish the uploading, click “Continue” to move to the next step.
7) In the next step, you need to map the fields (present in the excel or CSV file) to the fields that are available in QuickBooks Online. (see the below image)
8) Once the mapping is complete, click “Continue” to move to the next step- “Review Data”. Perform the required actions and then click “Import X Records”.
Ensure that you check the setting "Overwrite existing records in QuickBooks Online with the same product/service name. Warning: this will overwrite all values for given product and cannot be undone" as shown below.
9) As soon as you click “Import X Records", a pop-up window is displayed to ask for confirmation. Click "OK" to finish the import process as shown below.
You have successfully exported and imported the Products and Services List to set the cost price for all the products.