Inventory Ahead gives you the option to keep track of your costs of products so that the profit reports should have accurate information.
Below are some factors to keep in mind regarding cost prices.
- When reordering a product the cost price will be automatically inserted on the PO if this product’s information has a cost price entered, manually or through an upload.
- The date of the cost price can make a big difference in your reports and on POs. See a few examples:
- If a product has a later PO than the cost price date entered, on the next PO from that supplier the system will automatically give you the cost price of the PO since the most recent cost price is the most accurate.
- If a product had orders that came in on an earlier date than the cost price date, the system will not include a cost for these orders, causing a greater amount of profit on them.
Click here for an article on how to assign cost prices to items.