The Square for Retail POS system includes robust inventory management tools that streamline your back of house – create purchase orders and manage your stock, right from your online Square Dashboard.
If you’re new to Square for Retail, take a look at our comprehensive Getting Started Guide – it includes helpful tips for merchants who are new to the Square Point of Sale for Retail (but have experience using the Square Point of Sale app), as well as easy-to-follow onboarding steps for anyone brand new to Square.
Inventory at a Glance
When you log in to the Inventory tab in your online Square Dashboard, you’ll see the list of your inventory items. If you have multiple locations, the stock levels for each item variation will reflect the total amount of items, across all locations.
Actions You Can Take From Here:
- Click on any inventory item to see its variants, Unit Costs, SKUs, price, and current stock level.
- Click the three horizontal dots next to each variant to adjust stock or transfer inventory between locations.
- Navigate around your inventory management tools – view your vendors, create purchase orders
- Manage Modifiers, Categories, Discounts, Taxes, Gift Cards, Dining Options as well as Comp and Void Settings
Get Started Tracking Your Inventory
To track inventory for a new item:
- Log in to Items from your app menu.
- Click the name of the item to track > under Price and Inventory, click Stock.
- On the variation details page, each location will appear below. Toggle on each applicable location a location by enabling Tracking.
- Enter the Current Stock amount > Done.
To update inventory levels for the item you just created:
- Log in to Inventory on your online Square Dashboard.
- Search for the item > click the variant to adjust.
- From the variation details page, update your stock by clicking Stock Action or Transfer Stock to move existing inventory between locations.
- Enable Alerts and set a Low Stock Alert > Save.
To adjust stock levels online:
- Log in to Inventory from app menu.
- Select an inventory item to adjust.
- For each location, under Stock Action, select a reason for the adjustment.
- Enter the amount to adjust > click Save.
Note: Stock Received, Inventory Recount, and Return will add to the adjusted stock amount — Damage, Theft, Loss will remove stock.
To adjust stock levels from the Retail app:
- Enter the item name into the search bar.
- When the item appears in the drop down > tap More Info.
- Locate the In Store section > tap Adjust Stock.
- Enter the new stock number, select a reason, tap Save.
Note: There is a 25,000 item limit.
Transfer Inventory Between Locations
Transfer inventory from one location to another from your online Square Dashboard:
- Log in to Inventory from the app menu.
- Select an inventory item to adjust.
- At the top right hand corner, click Transfer Stock.
- Select the location to transfer from, the quantity, and the receiving location.
- Click Transfer Stock.
Your updated stock will reflect immediately.
Advanced Inventory Reporting
With Square for Retail, you have access to three new, powerful reports: Cost of Goods Sold, Projected Profit, and Inventory by Category. Log in to your online Square Dashboard and navigate to Inventory and select the report you wish to view to get started.
Cost of Goods Sold
The Cost of Goods Sold report helps you keep an eye on your profit margin by keeping your topline metrics – cost of goods, total revenue, profit, and profit margin – front and center. Drill down deeper into your reporting by setting your desired filters and clicking Export to download a CSV.
The COGS column will account for additional costs associated with an order. For example, when you receive a purchase order, you can choose to include shipping and handling by selecting Add Optional Fee. Including additional costs when receiving an order will increase visibility into your profit margin.
Note: The Cost of Goods Sold report is calculated based on FIFO (first in, first out) sales of items received with an assigned cost. As a reminder, if you have questions about using Square for Retail reporting for tax or accounting purposes, please reach out to a tax professional.
The Projected Profit report shows you the potential profit of your business inventory. Slice your data to see the performance of an item, view each location’s profit potential, and see how each inventory category is contributing to the strength of your business. The Projected Profit report is only updated once per day, and will not reflect changes in real time.
Inventory by Category
The Inventory by Category report compares the data from the previous two reports to show the cumulative value of your inventory by category – it includes your total inventory value, potential profit, and profit margin by item category.
Note on variably priced items: Variably priced items are included in your Inventory by Category and Projected Profit reports, but we do not provide projected margin since these reports reflect potential future sales. Once you sell a variably priced item at a fixed cost, the COGS report will reflect your profit margin.
When you manually adjust your stock, accept a purchase order, or make a sale, your History log will reflect each adjustment. Your History log is intended to give you a detailed account of your current inventory levels by listing out each stock adjustment.
Note: If your COGS, Projected Profit, or Inventory by Category report seem low, take a looks at your History log. You may have received stock or made an adjustment without an associated unit cost. You can update your unit cost for a historical adjustment from your History log to get back on track.
Read more about Square for Retail advanced reporting.