Once you have Shopify inventory, export it using the App. Fill in COGS. Import. Done. Can't be much easier than that. App forces you to make 4 button clicks total? Your editing of costs is your gig...editing a CSV file.
I ended up using Stitch Labs. Among other things, it allows me to integrate all my marketplaces and manage all inventory from one interface. It produces the financial reports I need.
Relative to COGS, you can enter the product's cost, a default cost should you re-order, and it'll calcuate the average cost for the product, which is helpful when a product's cost changes over a period of time.
Come on Shopify!!!!!!
This is absolutely ESSENTIAL for your product to move onward.
The whole point of Shopify is that it is easy to use but this is an ESSENTIAL field that is missing!
Have to add - was a re-design of the product page a highly requested feature? I doubt it.
Looks to me like this COG field has been requested for years now.
I get that apps are there to extend the function of the product - I have several and they are great. But EXTEND is the key here.
COG for retail is not an extension - it is crucial to the functioning of the operation.
I agree that COG is essential, and it doesn't make any sense to me that Shopify didn't build that in from the beginning. For any Profit & Loss, it is THE next calculation after taxes. This is the first place to start when you do look at profitability - you need to know how much you really bring in, before you factor overhead. My main purpose to move to Shopify and Shopify POS was integration and not running two sets of books and making more work for me. I will seriously have to reconsider this decision. StitchLabs as an apps only works for 80% of the reporting I need - it doesn't report COGs without shaving to insert your own secondary calculation. Any other suggestions, than HunkyBill's already mentioned?
Why you no love my App Sarah? It is within a smidgen of being a native-to-shopify supported thing, and offers so much value for the price. I see Apps that cost 10x as much and offer so little true value. Even if Shopify added a cost field, it would not help much, that much I now know. COGS is actually hard.
Hi Shaun, I disagree with your statement that having COGS is of little value. I have 20 years experience as a Buyer for big box retailers and as a Merchant, we need COGS to calculate more than gross margin rate. We need for Inventory Turn, planning receipts (and thus cash flow), managing promotions, etc. It is unrealistic to expect a new merchant to understand how to compile all of this data, run excel pivot tables, refresh those tables, etc. BTW.. I also have a store hosted on BigCommerce at the $79/month level and this feature is already integrated into the product info section and is fully editably by variant. They do not have native reports that use the data but at least I can see it when determining sale prices whithout having to look up cost somewhere else. I can also download a CSV of all products (or all orders) to calculate inventory at cost... at least the data is there.
This may be overkill for some on this thread but I recommend Stitch Labs. You can add your costs, your supplier info, generate POs, connect to accounting if you need. What's cool is that you can sell on Amazon with ease. Stitch publishes your inventory to Shopify and to Amazon. Run out? Amazon finds out ASAP. We also find that we get direct customers because we are on Amazon.