{"id":3170,"date":"2015-01-14T21:22:57","date_gmt":"2015-01-15T02:22:57","guid":{"rendered":"https:\/\/www.inflowinventory.com\/support\/article\/3170\/my-products-cost-is-wrong-how-do-i-change-it\/"},"modified":"2022-02-25T15:34:11","modified_gmt":"2022-02-25T20:34:11","slug":"my-products-cost-is-wrong-how-do-i-change-it","status":"publish","type":"post","link":"https:\/\/onpremise.inflowinventory.com\/support\/article\/61988700\/my-products-cost-is-wrong-how-do-i-change-it\/","title":{"rendered":"My product&#8217;s cost is wrong,  how do I change it in inFlow On-Premise?"},"content":{"rendered":"<p>Before you change your cost, what steps you&#8217;ll need to take depend on what costing method you are using in inFlow On-Premise. Not sure? Check your costing method by going to the <em>Main Menu &gt; Options &gt; Settings<\/em> and look under <em>Costing Method<\/em>. Once you know what costing method you&#8217;re using, click below to see how to change an item&#8217;s cost with that method.<\/p>\n<ul>\n<li><a href=\"https:\/\/onpremise.inflowinventory.com\/support\/article\/61988700\/my-products-cost-is-wrong-how-do-i-change-it#mac\">moving average costing method<\/a><\/li>\n<li><a href=\"https:\/\/onpremise.inflowinventory.com\/support\/article\/61988700\/my-products-cost-is-wrong-how-do-i-change-it#manual\">manual costing method<\/a><\/li>\n<li><a href=\"https:\/\/onpremise.inflowinventory.com\/support\/article\/61988700\/my-products-cost-is-wrong-how-do-i-change-it#fifo\">FIFO\/LIFO costing method<\/a><\/li>\n<\/ul>\n<p>In all the methods, you will need to\u00a0look at the item&#8217;s <em>Cost History<\/em> window to make the changes to your cost. Click into the product record and click on <em>Cost<\/em>\u00a0beside it.<\/p>\n<p><div class=\"article-image\"><img loading=\"lazy\" class=\"aligncenter size-full wp-image-16961\" src=\"https:\/\/onpremise.inflowinventory.com\/support\/wp-content\/uploads\/sites\/4\/2015\/01\/61988700_1.png\" alt=\"61988700_1\" width=\"1023\" height=\"741\" srcset=\"https:\/\/onpremise.inflowinventory.com\/support\/wp-content\/uploads\/sites\/4\/2015\/01\/61988700_1.png 1023w, https:\/\/onpremise.inflowinventory.com\/support\/wp-content\/uploads\/sites\/4\/2015\/01\/61988700_1-300x217.png 300w, https:\/\/onpremise.inflowinventory.com\/support\/wp-content\/uploads\/sites\/4\/2015\/01\/61988700_1-768x556.png 768w\" sizes=\"(max-width: 1023px) 100vw, 1023px\" \/><\/div><\/p>\n<h2><a name=\"mac\"><\/a>Moving Average Costing Method<\/h2>\n<p><div class=\"article-image\"><img loading=\"lazy\" class=\"aligncenter size-full wp-image-16951\" src=\"https:\/\/onpremise.inflowinventory.com\/support\/wp-content\/uploads\/sites\/4\/2015\/01\/61988700_2.png\" alt=\"61988700_2\" width=\"958\" height=\"525\" srcset=\"https:\/\/onpremise.inflowinventory.com\/support\/wp-content\/uploads\/sites\/4\/2015\/01\/61988700_2.png 958w, https:\/\/onpremise.inflowinventory.com\/support\/wp-content\/uploads\/sites\/4\/2015\/01\/61988700_2-300x164.png 300w, https:\/\/onpremise.inflowinventory.com\/support\/wp-content\/uploads\/sites\/4\/2015\/01\/61988700_2-768x421.png 768w\" sizes=\"(max-width: 958px) 100vw, 958px\" \/><\/div><\/p>\n<ol>\n<li>On your product record under the <em>Cost and Price<\/em>\u00a0section, click on the <em>Cost<\/em>\u00a0button.<\/li>\n<li>The moving average cost history window should show up (see picture above). Click on the\u00a0<em>Create Adjustment<\/em>\u00a0button at the bottom left of the window.<\/li>\n<li>Set the correct cost and set the date of that cost. If you set it to an earlier date, inFlow will perform the necessary corrections to your profit reports (for example if you&#8217;ve sold the item a couple of times last month under an incorrect cost, you can input the cost adjustment to a date just prior to those sales, and inFlow will use that cost for those sales orders)<\/li>\n<\/ol>\n<h2><a name=\"manual\"><\/a>Manual Costing Method<\/h2>\n<p><div class=\"article-image\"><img loading=\"lazy\" class=\"aligncenter size-full wp-image-16941\" src=\"https:\/\/onpremise.inflowinventory.com\/support\/wp-content\/uploads\/sites\/4\/2015\/01\/61988700_3.png\" alt=\"61988700_3\" width=\"1030\" height=\"741\" srcset=\"https:\/\/onpremise.inflowinventory.com\/support\/wp-content\/uploads\/sites\/4\/2015\/01\/61988700_3.png 1030w, https:\/\/onpremise.inflowinventory.com\/support\/wp-content\/uploads\/sites\/4\/2015\/01\/61988700_3-300x216.png 300w, https:\/\/onpremise.inflowinventory.com\/support\/wp-content\/uploads\/sites\/4\/2015\/01\/61988700_3-768x553.png 768w, https:\/\/onpremise.inflowinventory.com\/support\/wp-content\/uploads\/sites\/4\/2015\/01\/61988700_3-1024x737.png 1024w\" sizes=\"(max-width: 1030px) 100vw, 1030px\" \/><\/div><\/p>\n<ol>\n<li>On your product record under the <em>Cost and Price<\/em>\u00a0section, click on the <em>Cost<\/em>\u00a0button.<\/li>\n<li>You should see a list of costs and the dates they were changed.<\/li>\n<li>Click on any one of them to change the date you want, and the cost for that date.<\/li>\n<\/ol>\n<h2><a name=\"fifo\"><\/a>FIFO\/LIFO Costing Method<\/h2>\n<p>For these two methods, you may notice that the cost box in the product record is greyed out and does not allow you to edit. Costs are only calculated via purchase orders, so if you need to change the cost, you have to navigate to the purchase order that was made for that costing info, or create a backdated purchase order for your products to set your costs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Before you change your cost, what steps you&#8217;ll need to take depend on what costing method you are using in inFlow On-Premise. Not sure? Check your costing method by going to the Main Menu &gt; Options &gt; Settings and look under Costing Method. Once you know what costing method you&#8217;re using, click below to see [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"_et_pb_use_builder":"","_et_pb_old_content":""},"categories":[20,31],"tags":[83,728],"_links":{"self":[{"href":"https:\/\/onpremise.inflowinventory.com\/support\/wp-json\/wp\/v2\/posts\/3170"}],"collection":[{"href":"https:\/\/onpremise.inflowinventory.com\/support\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/onpremise.inflowinventory.com\/support\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/onpremise.inflowinventory.com\/support\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/onpremise.inflowinventory.com\/support\/wp-json\/wp\/v2\/comments?post=3170"}],"version-history":[{"count":9,"href":"https:\/\/onpremise.inflowinventory.com\/support\/wp-json\/wp\/v2\/posts\/3170\/revisions"}],"predecessor-version":[{"id":29080,"href":"https:\/\/onpremise.inflowinventory.com\/support\/wp-json\/wp\/v2\/posts\/3170\/revisions\/29080"}],"wp:attachment":[{"href":"https:\/\/onpremise.inflowinventory.com\/support\/wp-json\/wp\/v2\/media?parent=3170"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/onpremise.inflowinventory.com\/support\/wp-json\/wp\/v2\/categories?post=3170"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/onpremise.inflowinventory.com\/support\/wp-json\/wp\/v2\/tags?post=3170"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}