ConnectBooks + QuickBooks: How We Handle Changing Product Costs
Who is this for?
Anyone who tracks inventory in QuickBooks using the Average Cost method.
Quick example
Last year a product cost $1.50.
This year the same product costs $3.00.
Goal: make your reports show $1.50 for the old period and $3.00 for the new period—so history is accurate.
Step 1: See cost changes in QuickBooks
Go to Reports.
Open Inventory → Inventory Valuation Detail.
Click Customize.
Under Filters → Item, pick the product (e.g., iPhone).
Set Date range to All.
You’ll see purchases, unit costs, and inventory value over time.
What changed in ConnectBooks
Before (old behavior):
Reports used the latest average cost everywhere. If today’s cost was $3.00, July would also show $3.00—even if items in July actually cost $1.50.
Now (updated behavior):
Transactions before the price change show $1.50.
Transactions after the price change show $3.00.
Your historical reports now match the actual cost at the time.
Step 2: Sync historical costs (per store)
In ConnectBooks, open the Accounting Export page for the store.
Click the More button on top→ Sync Historical Cost.
Heads-up: Large accounts can take a few hours while we scan the last 3–4 years for price changes.
Tip: Start the sync before you leave. You can set an auto-retry (e.g., every hour) in case it’s interrupted.
Exports during a sync
While historical costs are syncing, settlement exports are turned off to keep data accurate.
Need to export right now?
Turn off Sync Historical Cost.
Export as usual.
Turn the sync back on later.
Step 3: Choose the cost type in reports
After the sync finishes:
Go to Reports.
In Customize report, choose:
Latest Cost – the current average cost from QuickBooks.
Average Cost – the weighted average over your selected dates (best for historical accuracy).
Optional: Set your default view
Click Account Settings (top right).
Under Default Settings, choose:
Latest Cost (default)
Average Cost (recommended for historical views)
Need help?
Open the chat in ConnectBooks—our team is happy to help.