There are two options on how to update the cost for your items:

Option 1: Update Cost on an Individual product

Option 2: Update Cost in bulk:

Update Cost on an Individual product: 

Navigate to Inventory tab and select edit on the item you wish to update:

Next to cost price you will now enter the date, (Can be backdated from when you want it to start calculating) cost and shipping cost.

Click on save. This will enable all your profit to be calculated based on your costs.

Update Cost in bulk:

Click on the ellipses on your right hand side and then select the upright arrow.

Select ”update products” and under Data type select “product Information” 

On the bottom you have the option to download the “product information” template. Select template. Download it. The important information needed to update the cost is the Sku, Price and Shipping price. (Price Date should also be selected if willing to backdate price, Default is today’s date) All other columns can now be deleted. Enter all the information and save the file as a CSV. Note: Do not enter dollar symbols.

Sample CSV.

Drop file or click on browser to select the file. Upload it. 

Items should now automatically be mapped. Click “next’.

And then “confirm update”.

Done!