If you are using our Cost of Goods Sold Tracking feature or want to see inventory values for your inventory stored in Amazon warehouses using the Inventory Values page then you will first need to enter your product costs in Link My Books.
How to Enter Product Costs
Link My Books offers two main ways to enter your product costs:
Enter product costs as an average: This article focuses on this option.
Enter product costs monthly: This method is covered in a separate help article
To access the product costs page navigate to:
Inventory > Product Costs
On the first screen you will see a list of all of your products (SKUs) that Link My Books has detected whilst processing reports for your account. This list updates continually as we detect more and more SKUs in your reports.
You will enter your costs in the third column:
You can also change the currency you enter the costs in using this dropdown menu:
If you need to search for a specific SKU you can use the built-in search box by clicking the icon shown here:
If you have lots of SKUs it can be quicker to use the bulk upload feature where you will download a CSV file containing all of your SKUs. You can then enter the cost by opening the file in something like Excel and then saving it as a CSV again and uploading it here:
If you experience any issues with your bulk uploads please see this help article on how to open and save CSV files properly or reach out to the support team.
COGS are always in one currency, and so if you are purchasing in multiple currencies you would need to pick one currency and convert the others to that one.
If Your Product Costs Are in the Wrong Currency
A common point of confusion is the relationship between the currency dropdown at the top of the Product Costs page and the figures already saved against each SKU.
⚠️ Changing the currency dropdown does not retroactively re-cost existing rows. The currency saved against each SKU is set at the time the cost is entered. So if you originally entered all your costs in USD and then change the dropdown to GBP (or any other currency), the figures already saved are still treated as the original USD numbers in the system, just now displayed against a GBP label. They are not converted.
If you've spotted that your existing costs are in the wrong currency for your business (for example, your Xero base currency is SGD but your costs were entered in USD), you have two options to correct them:
Edit each SKU manually. Open each row, retype the cost using the figure in your correct currency, and save. This is fine for a small number of SKUs.
Re-upload via bulk upload (recommended for larger catalogues). Download the CSV template, replace each SKU's cost with the correctly-currency-converted figure, set the currency dropdown to the correct currency before uploading, and re-upload the file. This will overwrite the existing costs.
💡 Which currency should I pick? COGS are always stored in a single currency per Link My Books account. We recommend using the same currency as your accounting platform's base currency (the currency your Xero or QuickBooks organisation reports in), so that COGS values flow into your P&L without further conversion. If your purchases are made in multiple currencies, pick one base currency and convert the others to that figure before entering them.
If you have any questions about this article or feedback on how we could make it better please reach out to the support team via the blue chat icon on the bottom right of the page or via email to [email protected].