No. With Square for Retail Free, you will have access to the Item Sales report, Category Sales report and Sales by Payment Type report. To view the COGS and Margin report, Projected Profit report, Inventory Category report and Sales by Vendor report, you will need to have a subscription to Square for Retail Plus.
Yes. You can update unit costs for items from the History log on your online Square Dashboard. The item cost can be updated for any stock intake such as stock received, re-counted to adjust up and restock.
FIFO stands for first-in, first-out. The FIFO method means the first items you receive (in) at a certain cost will be the first the first items recorded as sold (out).
Let’s say you purchase three shirts at a cost of £2. Later purchase two more of the same shirt, but at a cost of £3. If a customer buys four shirts, your reports will reflect the sale of three shirts at £2, and one shirt at £3. The total cost for all four shirts sold will equal £9.
The item variation unit cost will help ensure your inventory reports will reflect your profit and profit margin for future sales. The item variation unit cost will pre-populate on purchase orders and when you manually receive stock.
Updating your unit cost via History log will correct errors or discrepancies in your reports. If you previously received stock without a unit cost, profit and profit margins will not be represented in your reporting. When you update the original stock intake in your History log, your profit and profit margins will be accurately represented in your COGS report.
Yes. Your Retail reporting will reflect variably priced items. However, since your Projected Profit and Inventory by Category reports estimate your profit for future sales, variably priced items will not have a predicted profit or profit margin.
If you’re looking at the Projected Profit or Inventory by Category report, keep in mind these reports generate your daily sales one hour after your scheduled close of day. If you just closed your business, you’ll need to wait one hour before they will update.
Your Retail reports may also be lower because a historical stock adjustment did not include a unit cost.
The first time you import your stock to your item library, the intake will be marked as a receive. For every subsequent stock import, your stock intake will be marked as a re-count.
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.
Updating your unit costs using the bulk import in your item library affects your reporting the same as manually updating from the item variation – moving forward your reports will reflect the updated costs.
If you set your item cost and stock with a single import, the new cost will apply to the new stock count. However, for stock already received in your library, head to your History log to update the associated unit cost.