Reports - COGS & Projected Profit

[BridgeSt]

Although I have inputed cost prices for all of our items, I dont get an accurate report when looking at COGS & projected profit reports. Does 'allow tracking' have to be enabled ?

[Breffni]

Hi @BridgeSt, thanks for your post and welcome to the Seller Community. 

Yes, if your reports appear to be off I would suggest checking the following details: 

• Stock tracking is enabled for all items. 
• All items have a unit cost associated. 

Since your profit is determined by the price you pay for an item (unit cost) subtracted from the item’s sale value, you’ll need to make sure your inventory includes all applicable unit costs. Once you update, the Retail reports will reflect the new unit costs.

If you are missing unit costs, there will be a yellow banner prompting you to input them. 

This is usually what throws the report off. Also, we have some helpful tips on our support centre that may be beneficial for you to have a read-through. 

Let me know if these steps work for you. 

[BridgeSt]

Thanks for the reply Alegra

But - if I enable tracking for all items I will need to receive stock for all items which I dont want to do

We are a Bar business with above 500 individual items - and we dont want to manually add stock to the system

I notice that if I enable tracking for an item - then the button for that item changes and each time I press it a pop-up asks if I want to 'add anyway' as 'item is not available'

Any way around this - I would love to have access to these 2 reports

[Breffni]

Hey @BridgeSt, thanks for getting back to me and sorry for the delay. 

So there are two concepts of cost: Default Unit Cost and the cost that is attached to the specific cost lot when inventory is received. 

While the default cost makes it easier to receive inventory, if you plan to use the Cost of Goods Sold and Projected Profit reports, you'll need to receive inventory. Adding purchase orders which is also a Retail Plus function may make this easier to track going forward. 

I understand the reason you don't necessarily want to do so, you may be interested in using purchase orders to make this less laborious. This would streamline the process of managing stock, tracking vendors, and receiving inventory.

I hope this helps!