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:
1. Show accurate profit reporting in Veeqo
2. 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.