x
Beta Member

How to add Cost of Goods sold/unit costs?

I want to be able to run reports that show my profit for the day, as well as see how much margin is in a product. When I try to add "unit cost" or "cost of goods" I don't see that option anywhere. item variation.PNG

3,643 Views
Message 1 of 20
Report
1 Best Answer
Admin

Best Answer

Hello! I wanted to let everyone in this thread know that the wait is over - Square for Retail is now available in Canada🎉

 

Learn about Costs of Goods Sold reporting in our Support Centre. If you have any questions let us know or click Start Thread to start a new conversation. 

 

 

️ Helen
Seller Community Manager

Did you find help in the Seller Community? Mark a Best Answer to help others.

View Best Answer >

3,312 Views
Message 19 of 20
Report
19 REPLIES 19
Admin

Hey @EmSedg-

 

Tracking your unit cost is only available with a subscription to Square for Retail, which is currently in Beta for Canada. You may not have access to it just yet.

 

If you do, you can sign up for a 30-day free trial. I hope this helps!

 

 

 

 

Let me know if you have any questions about this. 

 

️ Isabelle | she/her
Seller Community & Super Seller Program Manager | Square, Inc.
Learn about the Super Seller program!
3,601 Views
Message 2 of 20
Report

Is there a way to sign up for Beta testing for the Canada version? 

3,575 Views
Message 3 of 20
Report
Admin

@VillageAcadien

 

Are you looking to test the CA version of our Beta App? We'd love to have you in the Beta Community and let you know when there are features available you may want to test. 


We're always looking for Sellers to be apart of our our beta program- you can get started at sellercommunity.com/beta and I'd be happy to give you more information.

 

 

kellyj
Design Program Manager
Square Inc
3,564 Views
Message 4 of 20
Report
Beta Member

Does the beta include adding in costs for services? Does it have employee commission settings? 

James Wilkinson
3,460 Views
Message 5 of 20
Report
Admin

@JPWilkinson

 

I want to loop in @MichelleSQ to answer this specifically for the CA market.

kellyj
Design Program Manager
Square Inc
3,448 Views
Message 6 of 20
Report
Square Community Moderator

@JPWilkinson Hi there! Square for Retail does not include the ability to add costs for services, although I am happy to pass along this feedback to the relevant teams. Would you be able to elaborate on why your business needs this feature, just so I have some more details to pass along?

 

In regards to commission tracking, we are actually going to go into a private beta (in Canada and the US)! I'm going to add your name to a list of interested participants, and when we launch (soon 👀 ), you'll get an email from us with the next steps. DM me if you'd like more details 👋

Michelle (she/her)
Senior Beta Manager, Square
Join the Beta Community
Evaluate | Influence | Engage
3,438 Views
Message 7 of 20
Report
Beta Member

MichelleSQ services are done by our barbers - and they are paid per hour. So I need to set a cost for that service, based on how many cuts we expect them to perform per hour. So whatever they are paid per hour, divided by 2 or 3 would give me what that hair cut cost us in wages - and then our labour vs sales cost reports would reflect actual costs.

 

As for commissions, we have barbers that work ONLY on commission, so when a transaction is completed - I need to be able to set their percentage as a cost against the service that they provide. Similarly above where the hourly barbers have a per hour cost, the commission people would have a 25% commission allocated for cost - and then we would need the ability to pull up a report in the POS that would be per commission employee to determine the amount of sales that went through for them - and then show the amount for their commission.

James Wilkinson
3,428 Views
Message 8 of 20
Report
Square Community Moderator

@MichelleSQ Tagging for the post above!

Ashley C
Community Moderator, Square
Sign in and click Mark as Best Answer if my reply answers your question.
3,426 Views
Message 9 of 20
Report
Beta Member

Further to this conversation, @MichelleSQ here is a screengrab of what we see throughout the day in Shopventory. As you can see, the Cost of goods sold column is empty due to not being able to enter a cost against a service - so the total profit for an item is blank and therefore we cannot determine if the profit margin is acceptable - or if prices need to be changed... Further to this, the need to add commission wage levels, in addition to the hourly or salary options, depending on who does what, the cost of goods sold would be a combination of the service cost that I've allocated for an hourly barber or if the commission percentage is 25%, then that dollar value would be added to the cost of goods sold column, so that betwixt the hourly costs, and the commission costs, we would then know that the revenue of that service minus the total costs, would give us the total profit - and our margins.

Screen Shot 2020-08-06 at 12.49.58 AM.png

James Wilkinson
3,411 Views
Message 10 of 20
Report
Square Community Moderator

Thank you so much for the detailed feedback @JPWilkinson. I now understand why having the ability to add a "cost" to your service would be important for financial reporting reasons. 

 

I've taken your feedback, and filed it with the appropriate teams (and I've included screenshots of what you've said, so they have the full context). 

 

We've enabled your account for the commission tracking beta, so please check that out (along with the reporting) and let me know your thoughts via DM. You should have gotten an email but I can always DM you the instructions to get started if you didn't receive it. 

Michelle (she/her)
Senior Beta Manager, Square
Join the Beta Community
Evaluate | Influence | Engage
3,247 Views
Message 11 of 20
Report
Beta Member

Awesome! TYVM! Another question that came through is if the hourly wage has been set for a barber, and the service time is set, why does the cost for that service not show? We have barbers, barber apprentices, stylists and colourists. All have different wage levels. So depending on who does what - the calculation should still calculate? And then for the commission, the same thing... Their cost would get added to the total.

James Wilkinson
3,242 Views
Message 12 of 20
Report
Beta Member

Checking in to see if there is an eta for Square for Retail release in Canada?

3,214 Views
Message 13 of 20
Report
Beta Member

@MichelleSQ 

 

Hi Michelle! So, minimum wages are set to go up October 1 in Ontario - and I know that I can add a new wage - but I need the functionality to set it for a specific date to start - as previous cost reports etc - need to have wages at the old levels.

 

How do I do this?

James Wilkinson
3,211 Views
Message 14 of 20
Report
Square Community Moderator

@JPWilkinson We don't currently offer the ability to automate/schedule the change in wages. At the moment, you'd have to go in on the morning of Oct 1st, and manually change all the wages to reflect Ontario's new minimum wage. I'm happy to file this as a feature request on your behalf though! 

Michelle (she/her)
Senior Beta Manager, Square
Join the Beta Community
Evaluate | Influence | Engage
3,205 Views
Message 15 of 20
Report
Beta Member

So we will lose historic sales vs labour cost reporting? The new system will only see the new wage for everything?

James Wilkinson
3,201 Views
Message 16 of 20
Report
Square Community Moderator

historical data will never change. Any updates to wage will only be reflective of that date and moving forward.

Michelle (she/her)
Senior Beta Manager, Square
Join the Beta Community
Evaluate | Influence | Engage
3,199 Views
Message 17 of 20
Report
Square Community Moderator

Hi @EmSedg !

 

While I can't confirm an exact launch date, we are working very closely with all of our internal teams on this launch. We're aiming for sometime in Q4 2020, and we're having a meeting today actually with everyone involved so we are getting very close to launching 👀

Michelle (she/her)
Senior Beta Manager, Square
Join the Beta Community
Evaluate | Influence | Engage
3,206 Views
Message 18 of 20
Report
Admin

Best Answer

Hello! I wanted to let everyone in this thread know that the wait is over - Square for Retail is now available in Canada🎉

 

Learn about Costs of Goods Sold reporting in our Support Centre. If you have any questions let us know or click Start Thread to start a new conversation. 

 

 

️ Helen
Seller Community Manager

Did you find help in the Seller Community? Mark a Best Answer to help others.
3,313 Views
Message 19 of 20
Report
Beta Member

Looks like I have to enter a Quantity in order to see True COGS. In a restaurant, I don't have quantities of Plates of food. I have to make up a number? or put a huge number in quantity just to have COGS? Sounds like a hack to me. Am I missing something.

1,948 Views
Message 20 of 20
Report