Planning a Sale? Change Prices in QuickBooks Easily

QuickBooks simplifies the process of modifying individual or groups of prices quickly.

Remember changing prices manually in preparation for a sale? You may have walked down the aisles of your retail location, crossing out existing prices and writing the new ones on the tag. Then you had to make sure that your bookkeeping matched the modifications you made on the physical inventory.

QuickBooks makes that process faster and simpler, and it greatly reduces the chances that you’ll make errors. Because the software offers so much flexibility in pricing, you may want to enroll in a QuickBooks class just to learn about your options.

To get started, open the Customers menu and click on Change Item Prices. This window opens:

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You can make changes to individual – or groups of — items or services in the Change Item Prices window.

Select the Item Type Service, Inventory Part, Inventory Assembly, Non-inventory Part or Other Charge from the drop-down list. QuickBooks will display a list of only those items.

To change the prices of only specific items, click in the column before each name to create a checkmark there. If you’re doing an across-the-board discount, you can check the box next to Mark All below the list.

Once you’ve selected at least one item, QuickBooks turns on the previously grayed-out options at the bottom of the screen. You’ll have to indicate:

  • The scope of the price adjustment (in flat amounts or percentages)
  • The cost that the adjustment will be based on (Current Price or Unit Cost), and
  • The cutoff points for rounding (like .03, .50 and 1.00 minus .01 – or no rounding).

Let’s say you’re going to offer a 10 percent discount on all inventory parts, based on the Current Price. No rounding will be offered. The bottom of your screen would look like this:

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QuickBooks makes it exceptionally easy to change one, a subset, or all items. You should learn how to use QuickBooks’ tools in this area to save time and reduce errors.

When you’re done, click the Adjust button.

Some things to remember here:

  • Your altered prices will only apply to new transactions.
  • If you have memorized transactions that will be affected, you’ll have to go in and manually edit or re-enter those transactions.
  • You’ll need to remember to go back and reverse the process to change prices back after your sale has concluded.

This process does not have anything to do with Price Levels (Lists | Price Level Lists). These are special prices that you’ve set up for specific cases or type of customers (like Commercial and Residential). You need to understand precisely what you’re doing when you establish these, or you could lose a lot of money (or offend customers by overcharging them). A good QuickBooks course can keep this from occurring.

hector@qbkaccounting.com

hector@qbkaccounting.com

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