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 what the currency dropdown at the top of the Product Costs page actually does.
⚠️ The cost currency is a single account wide setting, and it controls the currency label, not the numbers. There is one cost currency for your whole Link My Books account, chosen using the currency dropdown on the Product Costs page. The figures you enter are stored as plain numbers. The currency setting decides which currency those numbers are displayed and reported in. It is not saved separately against each SKU, so a single figure cannot be in one currency while another is in a different one.
Because the setting applies to the whole account, changing the dropdown updates the currency everywhere those costs appear, including reports that have already been processed, such as the Month End Inventory Valuation Report. The change takes effect straight away. So if a report is showing the wrong currency symbol, setting the dropdown to the correct currency will re-label it, and your historic reports, correctly.
✅ You do not need to convert or re-enter figures that are already correct. Changing the currency setting does not multiply or convert the numbers, and it does not need to. If the cost figures you entered are already right and only the currency symbol is wrong, simply set the dropdown to the correct currency. Everything, including your historic reports, will then display in that currency with the same figures. Please do not manually convert the values in this situation, as that would change costs that were already correct.
💡 Which currency should I pick? 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 you enter them. That conversion is about the purchase price you type in, and is separate from the account currency setting described above.