Purchase Cost Updater

Overview

Introduction

With the Purchase Cost Updater you can mass update the Purchase Cost (not average cost) for all or a portion of your Items using a Price List received from one of your Vendors or an Excel file exported from your QuickBooks file and modified. You don't have to be using the same Item names as your vendors because the Cost Updater includes the ability to cross reference between your Item names and the Item names used by your Vendors.

When you create a Purchase Order in QuickBooks, the unit Cost (shown in a column labeled "Rate" on PO's) will be automatically filled in using the Cost field from the Item list. If the subsequent Bill has a different unit Cost than the Purchase Order, QuickBooks will ask if you want to update the Cost amount in the Item list. This works but the Purchase Orders issued may not reflect your actual cost because the Cost in QuickBooks is not automatically updated until after you are Billed for an item and not before you purchase it.  Ideally, the Cost amounts in your Item list should be updated as soon as your Vendor changes his Price to you. 

Many users have been reluctant to update the Cost amount in QuickBooks based on Notices or Price Lists from Vendors because each affected Item had to be manually edited or you had to export the whole Item list to IIF, modify it and re-import it. With this program (Purchase Cost Updater)  you can easily make mass changes to the Cost amounts in your Item list. This makes it easier for your Purchase Orders to accurately reflect the actual cost that you will be billed for and can help in identifying situations where you need to use a lower cost vendor.  

If a vendor sends you a new Price List in Excel you can open the Vendors Excel file and delete any blank columns and change column names, if needed, to Item, Description and Cost  (your Cost will probably be labeled by the Vendor as Price and you will need to change this column's name to Cost). Then the Purchase Cost Updater can use this Excel file to to mass change your existing Cost in QuickBooks. If your Vendor uses QuickBooks they can create a Price list file for you using the procedure discussed the following paragraph except that they would not add the Cost column to the Report. If the Vendor sends you a Price List in a text file instead of an Excel file, you can Import the text file into Excel and add or change column names so that the Excel file has the three required columns (Item, Description and Cost). 

If a vendor notifies you of a notice of a general price increase, you can open QuickBooks and click Reports>List>Item Price List. Then click Modify Report and add the Cost column from the list of available columns and filter the report to show only the Items to be updated. You can filter this report on Preferred Vendor.  Export this report to Excel and delete any blank columns. Then use Excel to multiply existing Cost by a Cost increase factor such as 1.1 or you can type in new Cost amounts. (if you use formulas, be sure to replace the formulas with values). Then the Purchase Cost Updater can use this Excel file to to mass change your existing Cost in QuickBooks to the new cost you just calculated in Excel.

System Requirements:

The Purchase Cost Updater works with QuickBooks 2005 and later (Pro version or higher) and Enterprise Solutions 5 and later (See the "How to Buy" page for more information).

 The software also requires that you have either Microsoft Access 2000-2007 or or the Microsoft Access 2000 Runtime engine which can be downloaded from our "How to Buy" page at no cost.

Support:

Free email support for 60 days from date of purchase. Support questions should be emailed to support@q2q.us. Phone support can be purchased at http://www.q2q.us/SupportOptions.htm

Trademarks:

QuickBooks is a registered trademark and service mark of of Intuit, Inc. in the United States and other countries. The Purchase Cost Updater is designed for use with QuickBooks 2005 and later and Enterprise Solutions 5 and later software only. (See the "How to Buy" page for more information) 

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Copyright 2007-2010 by Karl Irvin, all rights reserved.