Changing to Last Cost in Inventory

[ultiPOS]

I use Quickbooks Accounting: Small Business Edition 2009/2010 for my technology business.
We don't process every supplier invoice through the system to update costs on a regular basis.
Because our prices tend to come down over a period of time, profit figures in reports tend to be lower than they should be (which is not a bad thing in some ways). We tend to enter invoices when prices change to keep track of latest cost figures only.

Is there a way to set QB to always use the latest cost when saving a transaction so that reports show a more realistic figure?

Or...is there a way, via some utility or other, to access the data in the QB database and make Ave Cost=Last Cost?

[Wartrace]

Is this Quickbooks Accounting: Small Business Edition a non-U.S. product? I have to be honest, even though I have my proadvisor certification I am not familiar with QuickBooks accounting small business edition.

I would hate to make a comment based on the U.S. version that is not applicable to the edition you are using.

If you are using inventory you need to enter every invoice That is the only way to keep accurate inventory asset values. There are add on's (for the U.S. version) that allow you to use FIFO and LIFO inventory.

If these are non-inventory items then you can go into the item itself and edit the cost information to reflect the current cost of the items.

[ultiPOS]

Thanks John.
Yes, it is a non-US edition of QB - Australia in fact.
Yes, receipting via Suppliers module is the correct way to maintain costs but not practical for us as it introduces extra time overhead.

If anyone out there knows of any method or utility to access Average Cost or make Ave Cost=Last Cost, that will be great.

In all other retail software we supply into our client base we have this option. Pretty ironic that our in-house accounting software doesn't. ;-)