Review answers to frequently asked questions for Square for Retail reporting.
Can I update unit costs for items once they’ve sold?
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.
Read more about updating your unit costs.
What is FIFO and how does it work?
FIFO stand 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.
What’s the difference between updating unit costs in the History log vs. the item variation on my item library?
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 for 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.
Will my reports reflect variably priced items?
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.
Why do numbers in my Retail reports seem lower than expected?
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.
To identify and update missing unit costs:
- Log into your Square Dashboard.
- Navigate to Items > Inventory Management > History.
- On the All Costs drop-down menu, select Missing Cost.
The Missing Cost filter will display a list of items that are not associated with a unit cost.
To add a unit cost:
- Tap Add Cost next to one of your items.
- Enter the unit cost and select Save.
Read more about Retail reporting.
Note: If you have variably priced items, we won’t be able to provide an anticipated profit or profit margin until you sell the items at a fixed price.
What happens when I import new stock the first time? Future times?
The first time you import your stock to your tem 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.
What happens when I set a unit cost via import?
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 new stock count. However, for stock already received in your library, head to your History log to update the associated unit cost.
How did I intake stock without adding a unit cost?
Here are some actions for potentially intaking stock without a unit cost:
- re-count up without a set unit cost.
- Received stock without a set unit cost and without manually setting a unit cost. If you manually set a unit cost on a receive, we’ll add it to the item variation.
- Manual restock not associated with an itemized return.
Can I generate a report by vendor?
Not at this time.
Read more about Square for Retail reporting.