Veeqo uses the Average Cost Price method for tracking your Cost Of Goods Sold (COGS). This article explains how to add cost prices to Veeqo.
Examples of where cost prices are used in Veeqo:
See COGS and margin by SKU on the Sales Report
See current and historical inventory value by location
Add cost price to a single product
To add cost prices to your products individually, follow these steps:
Go to the Inventory Page
Search for a product you want to update and click into the product. This will open the Product Summary.
Click edit on the product details card
4. Scroll to the cost price section and enter your cost price in the provided box
Note: Your currency will automatically be set by the company currency set in your general settings.
5. Click save changes to confirm
Add cost prices in bulk to multiple products
Update multiple products in one go by exporting your products via CSV and updating them in bulk.
Cost prices of kits
When you add a cost price to a product variant that belongs to a kit, Veeqo will recalculate the cost price of the kit based on the combined cost prices of the underlying components.
Calculating Average Cost Price
Calculating Average Cost Price
Every product or variation in Veeqo has a cost price which you can edit in the product screen. This is useful for a few reasons:
Show accurate profit reporting in Veeqo
Update your accounting software when goods are sold
We store the cost price as an Average Cost Price, this is the most common type of accounting method to track changes in your cost prices when you buy items from suppliers.
When you create purchase orders in Veeqo and you receive the items in stock, Veeqo will automatically update the average cost price for that product.
Before Veeqo can begin calculating your profit and update your cost prices you must first make sure all your Veeqo products have a cost price. You can do this in bulk by following the Update/Edit Products In Bulk and updating the cost_price column of your products. Alternatively, you can edit products one at a time by following the Adding Cost Prices article.
In terms of the cost price for your kit products, this is calculated by combining the cost price for all of the contents under that kit according to their cost price and quantity in the kit.
Pulling Cost Prices from Channels
Pulling Cost Prices from Channels
We currently only pull cost prices from both your Shopify and Magento store. This setting can be enabled by doing the following:
1. Go to Settings (icon bottom left)
2. Go to Marketplaces & e-commerce Integrations
3. Click into your Shopify or Magento store
4. Click on the Edit tab
5. Tick the option to show advanced settings
6. Scroll down to the section "How products are synced"
7. Click the toggle on the right-hand side to enable this setting
Magento
When the cost price setting is disabled: We will pull the cost price ONCE with the initial product pull.
When the cost price setting is enabled: Any updates to your cost price will be pulled every 1 hour.
We do not auto convert the currency of your cost price for Magento.
Shopify
When the cost price setting is disabled: Cost price will be pulled ONCE with the initial product pull.
When the cost price setting is enabled: Cost price will be pulled within an hour of the initial pull and updated every 3 hours.
For Shopify only, we will auto convert currency of the cost price to the currency set for your store.
IMPORTANT:
If this setting is on for more than one store your cost prices may conflict! It is best to have this setting on for ONE STORE ONLY.
This setting will override the average cost price calculated in Veeqo.
We do not push cost price to your remote store.