We’re writing to let you know of some limitations with Square for Retail that may affect your cost of goods sold, projected profit, and inventory by category reports.
These reports don’t increase or decrease inventory value when an inventory recount is processed. Also, items that are received without a cost aren’t represented and may impact your inventory value and projected profit.
As a result, these reports should be used for informational purposes only.
Please consult your tax and accounting advisors before using these reports for any tax or accounting purposes.
As always, we appreciate your patience as our teams work to improve these reporting features.
If you have any questions, please leave them below and we’ll do our best to answer them.
This isn't good at all considering I upgraded to Square for Retail just so that I would have access to purchase orders and the inventory reports. now that its time to start working with the reports for taxes you guys are saying that the reports don't work and the information can't be trusted? what exactly have I been paying 60 a month for?
@homeprogreen I'm very sorry for the trouble this has caused and disruption this has created for your business.
We are working to improve these reports for the future but, as mentioned in this post, we do recommend that you speak to tax and accounting advisors before using these reports.
If you'd like to speak to a Retail specialist about the implications this has on your reporting please give us call when you have a chance.
Or, if you would prefer, I can start a case for you with our Retail team who can answer questions about your account over email. Just reply here to let me know.
Apologies again for the frustration this has caused.
@Helen Please start a case and have someone work with me over email on this matter. I tried calling to discuss it with someone but of course after sitting on hold for a while I was instructed to leave a call back number. I pay square a lot of money each month on top of my swipe fees and this is very bad for business. Not only do we absolutely need those reports for taxes but I have to be able to rely on them in case of a loss of inventory via fire or theft. My insurance company won’t cover a claim without an accurate inventory report.
@homeprogreen I've just started a case for you and a Retail Specialist will email you as soon as they can to help you out. I'm very sorry to hear about the wait time this morning.
I really appreciate your patience with this.
Happy to announce that we have several improvements to Inventory Reporting in Square for Retail! Learn more in this article.
These improvements were made based on feedback from merchants like you. Thanks as always for being a Square Seller!