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Square for Retail Plus: Unit cost not reflected on cogs report

When I run my cogs reports not all the unit costs are being reflected on the report yet when looking in the item library the unit costs are there.  How do I get the cogs report to reflect all my costs properly?

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Hi @Grassroots1 , Square for Retail has a new feature that may help with your issue. 

 

A preview of the details: "If you’ve never received stock quantity for that variation, the quantity defaults to zero.  If you sell an item without entering a quantity, but you’ve entered in cost, the default unit cost is assigned to the sale automatically in the Inventory History and COGS report.  This allows you to sell into the negative, which will be resolved when you receive a quantity later.  If you haven’t entered a cost, you will still need to resolve the missing cost in your Inventory History tab of your online Square Dashboard."

 

Please read the full update or leave any comments on the post: New Square for Retail Feature: Automatically Track All Inventory Quantities

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Hey @Grassroots1!

 

Thanks for posting in the Seller Community and welcome 🎉

 

Have you sold any of the products yet? The COGs report won't show until the items are sold. 

 

Also, please note:

 

Depending on whether your stock intake is considered a receive or re-count, your Cost of Goods Sold report will be affected differently. Receiving stock will not have an effect on your Cost of Goods Sold (COGS). However, re-counts that adjust your stock up will credit your COGS (decrease), and re-counts that adjust your stock down, will debit your COGS (increase). If you’re only interested in seeing profit and profit margin for sold items (i.e. excluding re-counts), apply the Sales filter.

️ Isabelle | she/her
Seller Community & Super Seller Program Manager | Square, Inc.
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The cost of goods report only shows the items that I have actually sold, and I have several items where the unit cost remains blank.  But if you look in my item library and look up that item the unit cost is there.  I do have various variations where one item has a unit cost but the other two variations do not on the cogs report.  Most of my items are reflected properly but I probably have  about 10% of my items that are not properly reflected on my cogs report.  

 

I tried to add the items without unit cost through a purchase order hoping then maybe the unit cost would be reflected but that did not work.

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Did you happen to do an inventory recount for those items @Grassroots1?

️ Isabelle | she/her
Seller Community & Super Seller Program Manager | Square, Inc.
Learn about the Super Seller program!
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Yes I have done an inventory recount on those items.  

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Okay! 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, your Retail reports will reflect the new unit costs.

 

You can apply filters on your inventory History log to view stock intake with an associated unit cost, without a unit cost, or all historical adjustments. If you need to update inventory without an associated unit cost, apply the filter Missing Cost.

 

To identify missing unit costs for individual stock actions:

 

  1. Navigate to Items > Inventory Management in your online Square Dashboard.
  2. Click History.
  3. In the All Costs drop-down menu, select Missing Cost.

You can also bulk update unit costs associated with historical adjustments for items including a unit cost at the item variation level:

 

  1. Log into your item library in your online Square Dashboard to confirm each item variation has an associated unit cost.
  2. Once you’ve checked each item variation has an associated unit cost, head to the History tab.
  3. Select Resolve Unit Costs > Resolve Costs.

Keep in mind, you’re currently unable to update the unit costs for stock re-counts that deduct from your inventory levels. To update the unit cost for negative re-counts, locate the original positive stock adjustment in your History. Once you update the original stock intake, the unit cost will update for each subsequent adjustment.

 

For example:

 

Let’s say you accepted a purchase order or manually updated your stock for an item. You initially marked the unit cost as $15. Later, you manually reduced the item stock as a re-count. The negative re-count will show in your History, but to update the unit cost (say to $10), you’ll need to locate the original adjustment. After you update the original positive adjustment, the negative re-count will automatically reflect the new unit cost.

 

I hope this information helps @Grassroots1.

️ Isabelle | she/her
Seller Community & Super Seller Program Manager | Square, Inc.
Learn about the Super Seller program!
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I have also entered all of my unit cost and completed the missing cost on the history page. However, when I run the COG report it does not reflect that unit cost. What am I missing?? 

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I am having the same problem.

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Square Community Moderator

This sounds like a good question for our Retail team

 

They can take a look at your account with you to help shine a light here, as they are able to look at your account alongside you in order to pinpoint what's going on here. Please reach out by phone or email when you have a moment by logging into your Square account and heading here.

 

P.S. Welcome to the Seller Community 

JJ
Community Moderator, Square
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I, too, am having this problem!

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Hi Isabelle,

 

All I am interested in is a live profit report on items sold on the day, I am not interested in stock levels. However filtering the report to just sales makes no difference whatsoever. Please can you advise how I can get a simple profit report?

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Best Answer

Hi @Grassroots1 , Square for Retail has a new feature that may help with your issue. 

 

A preview of the details: "If you’ve never received stock quantity for that variation, the quantity defaults to zero.  If you sell an item without entering a quantity, but you’ve entered in cost, the default unit cost is assigned to the sale automatically in the Inventory History and COGS report.  This allows you to sell into the negative, which will be resolved when you receive a quantity later.  If you haven’t entered a cost, you will still need to resolve the missing cost in your Inventory History tab of your online Square Dashboard."

 

Please read the full update or leave any comments on the post: New Square for Retail Feature: Automatically Track All Inventory Quantities

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Please reach out to our Retail team by phone or email when you have a moment by logging into your Square account and heading here. They will be able to look into this in real-time and help shine a light @rmocklerMM

JJ
Community Moderator, Square
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