This article goes over the different aspects and features of COGS.
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 allows for 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:
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 menu will appear under the Cost section, allowing customers to Add Inventory or Burn Inventory
Add Inventory Entry, View Inventory Log, Manage POS Item
This scenario will only allow users with these permissions to add Inventory
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.”
Add Inventory Entry
Two fields track 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:
Entry Type: Add or remove stale/missing inventory with the burn option. The quantity entered will be reduced from inventory:
Note:
Cost is not a requirement. 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. 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 be multiplied by $0.20.
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:
Notes Column: Displays Burn entry Reason or Manual Adjustment via Catalog (associated with the Override Inventory Permission):
Edit Cost of Batch: If recorded incorrectly, you can edit the cost.
On the appropriate Item Entry, click the Edit Inventory Record (pencil) icon:
On the pop-up update Cost of Batch price:
Click Save Inventory Record:
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:
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:
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:
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
Customer Views What's Been Sold and the COGS Associated
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 Detail Report:
A Transaction Detail Report
POS Summary by Location
POS Location Summary by Item
Editing Item Cost 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 on an item-by-item basis.
Log in to Recreation Management
Select a Location if applicable
Navigate to the Financial tab:
Select Transaction Browser:
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 for transactions from a certain date
Transaction To: Search transactions from before a certain date
Receipt #: The Receipt number from the transaction
Show Voids: Show voided transactions
Click the appropriate Receipt # (number):
Navigate to the COGS Edit tab:
Update the Cost column on the appropriate Inventory Item:
Click Save COGS:
