Square for Retail Inventory management: How to see daily profit?

[douglastonwine]

Feature request: Inventory management

I have unit cost and price. 

I would like to see day-end profit report.  this is much more important than the projection profit. 

please add this feature in as soon as possible 

thanks  

[puka · Accepted solution]

Hey @douglastonwine - Thanks for reaching out! Good news: this feature actually already exists. 🙂

Sales profit can be seen under your Cost of Goods Sold report. You would just need to filter the date to see your day-end profit report.

Hope that helps!

[Harmony]

That's great! How and where do you enter your costs of goods sold? 

The profit section you referenced is available in the free, basic square POS or in an upgraded version that incurs a fee? 

Thanks,

Harmony

[Helen]

Hey @Harmony! This Support Center article has the steps to enter item unit costs with Square for Retail. At this time, this feature is only available if you are subscribed to Square for Retail which costs $60 per month per location.

[cornerstore]

Do I have to have cost of goods entered for all the items in my library to get this function work?  It will take me time to look up all the item prices..  or can I still get the report for the items that I have entered...?

[EJ_]

Hi @cornerstore

The report will show profit for the sales of any items that have a cost associated with them, so you won’t need to add a cost to every item in the library in order to make the report work 🙌🏼

You can try Square for Retail with a 30 day trial if you're still wondering about certain features and reports and if they work for your business 👍🏼

If you have any other questions, let us know and we'll help out.

[cornerstore]

It's acting little strange.. So I subscribed to POS Retail for $60/month.

I've started adding cost for some items.  However, I still don't see the profit being calculated at the end of the day.

So I thought may be because I didn't enter quantity for them.. so I made up 1000 and entered.. but still not working and inventory amount is not being calculated ....

I have over 1000 items, so i exported items when I entered cost and quantity.

Then I noticed something tonight... I had profit calculated for one of the item three days ago...  I remember that I entered that item manually at the POS, not back office like the rest of items.  

Do I have to re enter all the info from the POS???

[puka]

Hi @cornerstore - I'm having a little trouble understanding what you're asking. Any further details would be great so that I can better assist you!

[PrettyFunnyVint]

I don't see where to get the cost of goods sold report anywhere... How can I get the profit sales report that I need?

[Kassi_]

Hey there @PrettyFunnyVint - 

Welcome back to the Community! 

To access the COGS report, you will have to go under the Items Tab on your Dashboard, then Click Inventory Management. There it will show you the option for your reports. Once you go there, you will be able to see the inventory based reports. 

[DakotaWireless]

Cost of Goods sold is great. But I have SERVICES that i also have cost and price recorded and this does not show on this report.  How do I see my total PROFIT for the day.  Not just cost of goods profit.

[isabelle]

Hey @DakotaWireless! ✨

The Projected Profit report shows you the potential profit of your business inventory. Slice your data to see how received inventory boosts your business, view each location’s profit potential, and see how each inventory category is contributing to the strength of your business.

The Projected Profit report is generated one hour after your scheduled close of day and will not reflect changes in real time. Would that work for you? 👩🏼‍💻

Note: The Projected Profit report will only reflect inventory value for the past 70 days.

[DakotaWireless]

No. This doesn't work. I want to see my TOTAL profit for the day. For tangible and non tangible sales. For products AND services. 

[JustinC]

We reached out to see if Services are included in Profit Reports but haven't gotten an answer back yet. I'm gonna assume it's not included since services don't use unit costs, but I'm not certain. 

If you'd like, reach out to the Retail Team to confirm if you want an immediate answer. 

@DakotaWireless

[Neranjan]

Is there a way to enter item cost?

[JJ_]

Thank you for taking the time to share your interest in this feature @Neranjan I recommend you submit a Feature Request here. This will help our product team get visibility and track other Sellers with similar interest in your request. 

Important: When submitting a request, make sure to include the desired feature, and provide the details of how this feature will help your business succeed (how would you use it and what you expect from it).

[Revolutionary]

I coudn't agree more! We really need a place to put our costs so we can get an accurate reporting on what our profit is. We are looking at switching to another system because Square does not have this feature. But we love Square... would you please add inventory management!

Thank you!

[nycvintage]

Hmmm....  I have a tiny little vintage store in NYC and am using Square for payments.  I would like to track my profits also in Square.  I don't have complex inventory mgmt needs.  All of my items for sale are one of a kind so no need for 'low stock alerts' or even item quanitities for that matter.  

Do you mean to tell me that I have to pay another $60/month just to add field to enter in my item costs?  Does that seem excessive??

[Helen]

@nycvintage At this time this feature is only available on Square for Register app which, as you noted is a paid app with a range of features deigned for retail businesses. If you don't need this app we certainly aren't suggesting you use it!  

I'm sorry that there isn't a profit report available in the Point of Sale app currently but I will share your request for this with the Point of Sale team. We track requests closely so we can build features that you need! If we have any updates on this we'll post here to let you know.  

[Eportbic]

Hi,

I have a small shop in Spain and use the Square POS app and I agree with NYCVintage that I can't afford to spend 60$ a month on an app for just 1 extra tab (cost of goods) even though I have over 2000 different products in my inventory. Maybe there could be a way to add that 1 tab for the Square POS app as well.

[Kimmiesue12001]

@nycvintage I have a vintage and antique boutique as well! I dont have a lot of the same items at the same price so I manually enter most everything with a description. It's not the best but does the job. Only problem is people like us dont know our profit unless we track it in a spreadsheet or something. I am going to check in to a bar code scanner to save time but could you imagine how long it would take to bar code every item that already exists in our stores? I think the best way is to start adding bar codes from a certain point moving forward....but still doesnt help with our profit and cost issue.