FIFO Inventory - Price Changes Not Accurately Reflected in COGS

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New Member
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Hi everyone. I have run into the issue of not being able to have different prices for the same variants for products in shopify and our cost of goods sold is not accurately reflecting what we paid for our items after price increases or decreases.

 

The problem outline is that when I change a price from a vendor price increase (we are having a lot of these due to tariffs), the cost of that item is changed for everything currently stocked even though we bought the current stock at a different price. I need to know if Shopify has a solution for this coming by the end of 2020 or I will need to go to another platform because this is unintentionally creating fraudulent data that under-represents our profit. Very important and I feel like other people probably have this problem too. What have you guys been able to do about this?

 

We use quickbooks but don't have our inventory prices stored there. Do we need to migrate our entire inventory to their system since it can handle keeping track of prices with the FIFO policy? Our product variants total about 3k products right now so a migration really stinks but the problem needs a fix. Thank you for any advice.

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New Member
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I'm having this same issue.  I currently use another inventory management platform but would prefer to be able to see a moving cost per item accurately.

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New Member
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The only solution I can find is to use the integration with quickbooks and duplicate inventory. We are in the process of transitioning now but it is a pain.

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Tourist
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curious if anyone found a solution to this.  I see various inventory and purchase order apps but, none will allow a cost for products with a purchase/lot.


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New Member
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We have switched our inventory management to Quickbooks. There is not a working solution for Shopify.
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Shopify Partner
44 1 9
I understand you are already migrating to another platform.
I am considering building a plugin to help other people out with this issue.

The problem you are experiencing is that you cannot accurately keep track of the cost of your inventory because only 1 cost amount is configurable for the lifetime of a product variant. Is this correct?
Just trying to help out.

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New Member
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I am having the same issue. I have various products that often come to me at different prices (e.g. when the supplier has an offer price, when I get a lower price for higher volumes or when there are different delivery charges) but the items are still sold on shopify at the same price. I can't amend the cost price as it amends it for all the inventory so I end up watching for the item going out of stock before quickly increasing the inventory and amending the cost price. Not very practical! Any help would be appreciated!

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Tourist
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Hi, I've been talking with Shopventory - did you try that or aware of that? I'm going to do the trial but, it's prciey.

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New Member
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Hi. I wasn't aware of that - will look into it, thank you!

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Tourist
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we're 2 months in and will continue with Shopventory, better accounting controls by far..you lose a little of the flexibility and ease of data entry from Shopify but, not so much that we can't work around it.  Shopventory becomes your full product master.

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