How To Correct Cost Values in LightSpeed

You’ve just spent hours upon hours counting and adjusting your inventory in LightSpeed only to find that your costs are incorrect. Well, here’s the solution…

There are two ‘costs’ in the product window. Under the INFO tab, you’ll see a rectangle that lists the supplier, supplier code, and cost information for the product. I call this the ‘potential cost’ as this is the cost that will be entered on a Purchase Order should you need to reorder the product… but it’s not the actual cost of the stock that you currently have.

The cost information that appears in the INFO tab of the product window is your 'potential cost' not your actual cost.

The cost information that appears in the INFO tab of the product window is your ‘potential cost’ not your actual cost.

To find the value that LightSpeed considers to be your actual cost, click on the INVENTORY tab and below the history of every time you’ve ever adjusted, bought or sold this particular product, you’ll see the Cost Average value.

Under the INVENTORY tab you'll find the Cost Average. This is your 'actual cost'.

Under the INVENTORY tab you’ll find the Cost Average. This is your ‘actual cost’.

If you find that this value is incorrect, you may wish to change it. There are a number of reasons why it could be wrong… especially if you’re just starting out with LightSpeed and you’ve entered your stock without ensuring that proper cost information was filled in.  Maybe you forgot to enter supplier and cost information or maybe you just didn’t know but now your costs are zero and entering supplier cost information in the product card doesn’t seem to solve the problem.

You can’t simply click on the cost to change it. Doing so will prompt you to recalculate the cost average and this isn’t what you want.

Instead, click on the ‘Adjust’ button on the left side. This will open up the Adjust window which asks if you’d like to change the stock quantity. One of the tabs here is VALUE. Click on it to enter a new cost value for this product and your existing stock will have a new cost.

Enter the New Cost Average to change the value of your existing stock.

Enter the New Cost Average to change the value of your existing stock.