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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

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Square Community Moderator

Re: How to add Cost of Goods

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
Community Moderator, Square
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Message 2 of 18
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Re: How to add Cost of Goods

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

Message 3 of 18
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Admin

Re: How to add Cost of Goods

@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
Beta Community Manager, Square
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Message 4 of 18
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Beta Member

Re: How to add Cost of Goods

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

James Wilkinson
Message 5 of 18
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Admin

Re: How to add Cost of Goods

@JPWilkinson

 

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

kellyj
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Square

Re: How to add Cost of Goods

@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
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Message 7 of 18
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Beta Member

Re: How to add Cost of Goods

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
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Square Community Moderator

Re: How to add Cost of Goods

@MichelleSQ Tagging for the post above!

Ashley C
Community Moderator, Square
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Message 9 of 18
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Re: How to add Cost of Goods

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
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