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Cost of Goods Sold (COGS) Guide

  • Updated:

This article goes over the different aspects and features of COGS. 

 

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New Permissions for Point-of-Sale (POS) Items

There are new permission options for POS Items.

  • Catalog: Override Inventory: This allows you to bypass inventory restrictions by adding inventory from the catalog. 
    Note: As a part of this enhancement, Negative Inventory will no longer be allowed in Recreation Management. This permission allows an Internal User to override an Out-of-stock POS Item.
  • POS Management: POS Burn Inventory: This allows the removal of inventory for a specified reason, such as expiration or shrinkage. This permission requires the Add Inventory Entry permission. There are three Scenarios with this Permission: 
    1. Add Inventory Entry, View Inventory Log, Manage POS Items, and POS Burn Inventory.
      • This scenario will allow users with these permissions to Add and Burn Inventory as needed. 
      • Key: A drop-down will appear under the Cost section allowing customers to add Inventory or Burn Inventory 
    2. Add Inventory Entry, View Inventory Log, Manage POS Items 
      • This scenario will only allow users with these permissions to add Inventory
    3. View Inventory Logs, Manage POS Items, POS Burn Inventory 
      • An Entry Type drop-down option will be available to view in the settings 
      • Inventory cannot be added or burned, even though the POS Burn Inventory is selected. The Save New Inventory Entry button does not appear in the modal. 
      • Note: A tooltip has been added to the POS Burn Inventory Permission stating: Allows removal of inventory for the specified reason, such as expiration or shrinkage. This permission requires the Add Inventory Item permission.

 

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Add Inventory Entry

Two fields allow for tracking the Cost of a POS item. See the process to add a field in the Adjust an Existing Inventory article. 

  • Cost: Total Amount Paid for the Entire Quantity Entered
    The Inventory Entry's Cost field is used to list the total amount paid for the inventory.
  • Entry Type: Add or remove stale/missing inventory with the burn option. The quantity entered will be reduced from inventory.  
    New Entry type field in inventory entry example
    • Note: Cost is not a requirement
    • Note: Whether a Customer is using the COGS or not, Negative Entries in the Quantity Section are no longer allowed. Customers must enter a quantity, and then select a Burn Entry Type. The Cost field will automatically populate based on the last batch entered. For example: 20 Water Bottles, entered at $5.00. The cost of goods sold will calculate each Water bottle as $0.20. The next time quantity is added for Water Bottles, the Quantity entered will multiply by $.20. 

 

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Inventory Log

This Inventory Log has newly added columns for filtering. See how to track and filter inventory in the Track Inventory History article. 

  • Cost Column: Shows real-time views of cost for inventory entries.
    new cost column in inventory log example
  • Notes Column: Displays Burn entry Reason or Manual Adjustment via Catalog (associated with the Override Inventory Permission)
    Notes Entry examples
  • Edit Cost of Batch: If recorded incorrectly you can edit the cost. 
    1. On the appropriate Item Entry click the Pencil Icon. 
      click the Inventory Log Edit Pencil
    2. On the pop-up update Cost of Batch price. 
      Edit Cost of Batch number
    3. Click Save Inventory Record. 
      Click Save Inventory Record.png

 

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Catalog

Override Inventory Permission has been added to the Permissions tab. To view all permission options see the Permissions Guide Article. 

  • If an item is Out of Stock and the Override Inventory Permission is enabled for the user, a message will appear allowing an Inventory Restriction Override. 
    Inventory override pop up.png
  • If the Override Inventory Permission is not enabled for the Internal user, those Users will not be able to sell the item. The pop-up message below will appear on the Catalog. 
    Quantity not available pop up.png

 

 

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Reports

There is an Inventory Valuation Detail report made to calculate the projected profit of inventory on hand, based on the inventory stock, cost, and price of an item. To see how to view a report view the Reports Overview article. 

  • Inventory Valuation Detail Report: Value of the Inventory that is currently in Stock
    Inventory Valuation Detail report example 
    • Quantity: Inventory on Hand 
    • Average Cost: Average Cost of the items on hand calculated per item 
    • Cost: Total Cost of the existing Inventory 
    • Price: The Item Price listed in the POS item setup 
    • Value: Price times Quantity 
    • Margin: Value minus Cost 

 

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How does a customer view what's been sold and the COGS associated with the items? 

  • A Transaction Detail Report and POS reports also provide added value for Cost and Margin. These reports will give you details of items sold within a date range and the COGS associated with those items.   
    • POS summary report 
      POS Summary Report COGS example
    • POS detail report 
      POS Detail report COGS (cost of goods sold) example
    • A Transaction Detail Report 
    • POS summary by location 
    • POS location summary by item 

 

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Editing Cost of an Item After the Transaction has Been Made

Who can use this feature?

Admin Permission Only

 

Sometimes there are scenarios where the inventory wasn't added which could cause the Cost of the Item to be incorrect. There is now functionality in the Receipt to allow for COGS Edits. This allows adjusting the Cost of an item per Item basis. 

 

Instructions

  1. Login to Recreation Management 
  2. Select a Location if Applicable. 
  3. Navigate to the Financial Tab. 
    Financial Tab.png
  4. Select Transaction Browser. 
    Select Transaction Browser.png
  5. Filter your results to find the correct Receipt. 
    Filter your results to find the correct Receipt.
    • Locations: Location of Transaction 
    • Payment Type: Type of Payment used for the transaction
    • Account: Search for the user who completed the transaction
    • Transaction From: Search from a certain date for a transaction
    • Transaction to: Search transactions from before a certain date 
    • Receipt #: The Receipt number from the transaction 
    • Show Voids: Show voided transactions 
  6. Click the appropriate Receipt # (number). 
    click appropriate receipt number from results
  7. Navigate to the COGS Edit tab. 
    Navigate to cogs tab.png
  8. Update the Cost column on the appropriate Inventory Item. 
    Update Cost column on appropriate item
  9. Click Save COGS 
    Click Save COGS button

 

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In-Article Glossary

The terms located in this section are listed alphabetically:

  • COGS: Cost of Goods Sold 
  • POS: Point of Sale 

 

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