Correctly Report Cost of Goods
Reporting uses the most recent item cost, not the cost that was recorded at the time of sale. Item costs that have changed over time are reported incorrectly and as a result all reporting values derived from COGS are incorrect when reporting over any period where inventory costs changed. Example:
(November 1st I set my crab cost at 3.99 and sell price at 5.99. I sell 1000 lbs at a gross profit of $2000. On November 15th my cost increases to 9.99 lb and I change my cost to 9.99 and sell price to 11.99 lb I sell 500 lbs at a gross profit of $1000. On November 30th my cost increases to 12.00 I update my cost to 12.00 and sell price to 14.00 lb. I have no additional sales. December 3rd I run a report for the month of November and it applies 12.00 lb cost for all crab sold, making my COGs $18,000, which is higher than the $11,985 in sales and reporting a loss $6,015.)
This can't be good for anyone's reporting needs and I advocate for this to be corrected to produce accurate reports.
Marko
shared this idea
-
Danny Tabello commented
As a relatively new Clover user, I cannot believe Clover does not allow us to calculate the net profit of a store AFTER cost of goods sold! Clover allows us to enter the cost of an Item, but yet that cost of good sold appears no where on reports. Clover customer service suggested to voice this recommendation on here, I would have assumed the system could run a simple report like this but it seems the developers have not created this type of functionality.... yet. Developers please add this function, it is mind boggling that this report is not available. What's the point of entering the cost of goods sold if we cannot use this in our calculations for "net" profit? Also Developers, seems like this would be an easy fix for you, PLEASE REPOSND!