We are so pleased that the cost per item feature is now functional, we waited since 2013 when you said in a forum post at that time "it's on our road map"
We have one question, we entered all cost prices for all of our products in November 2019, obviously our annual report for the year only shows profit data from November 2019, and all other sales are shown as "Cost Recorded = No" is there any way to tell the report to include the costs prices against all transactions for the year 2019?
Sophia here from Shopify. I'm so happy to hear that you've benefited from the Cost per item feature!
At this time, it isn't possible to add the cost per item data to historical profit reports. The profit reports will only reflect profit for products and variants that whose cost was recorded at the time they were sold. Any changes to the product cost afterwards will not be reflected in historical reports. However, I'd be happy to submit your feedback to the appropriate teams here in case this feature can be updated in the future. It was valuable feedback like this that helped us create the Cost per item feature to begin with, so I truly appreciate any suggestions you'd like to share.
If you are going to pass something up the line to the development team then I would ask specifically for us to be able to edit the cost prices and this reflect in the report. Example: The staff member responsible for adding the cost prices made many errors in one case they accidentally entered 30,000 instead of 300. Now the entire profit data for this period is completely unreliable and we cant do anything about it.
I browsed to the numerous products which had been given incorrect cost prices and corrected the prices, I ran the report again but nothing changed. Your system takes the cost at the exact time of the transaction and this is then set in stone. Somehow to amend the prices and re run reports with the correct data would be incredibly useful because as it stands right now the entire data is useless. :-/
Thank you so much for sharing this example, @Charles! I have submitted your feedback to the appropriate teams here.
In the meantime, do you currently use any apps for reporting? There are several third-party profit calculation apps that might help you get more accurate data for historical profit.