Choose costing methods for inventory items
The costing method determines which cost QuickStart assigns when inventory is received, adjusted, transferred, fulfilled, or valued. Set the company default in Menu > Products and services > Settings > Item preferences, then confirm the method on each new inventory item because changing the default does not update existing items.
- Average uses the weighted average cost of the quantities added to inventory.
- Standard uses the standard cost assigned through inventory cost revaluations. Create a revaluation when the item is introduced and whenever its standard cost changes.
- FIFO uses the cost of the oldest available received quantity first.
To set the company default, open Menu > Products and services > Settings > Item preferences, select the Inventory costing method, and select Apply. When creating an inventory item, confirm the item’s costing method before submitting it. Changing the company preference affects new items and does not retroactively change existing items.