How to correct a wrong product cost in sales reports?

[Kivaz]

Guys,

I have an issue with my product cost, Initially, when I was adding the product into the store, I have added the cost wrongly for the product. After sell started and now I generated the report, it shows overall minus gross profit due to wrong product cost mentioned for the product. I tried to update the cost and now it shows updated product cost, but somehow the updated product cost does not reflect in the report which is generating.

Question to experts: Is it is the only way in Shopify that it will reflect the updated product cost for the old sale? and it will only start showing for a new sale. ?

For example: For Feb 2022, when we added the product into the shop, the product cost was $9, and the selling price was $6 till yesterday.. when I realized the wrong cost which running the report, I have corrected it and then re-run the report. like new cost is $2 and selling price is $6, and then ran the report, but looks like the cost is not getting updated for old sale, and it is only updating for a new sale.

Need your help to fix the reporting..

Thanks,

Kiva

[AvadaCommerce · Accepted solution]

Hi @Kivaz 

Thank you for reaching out here.

You're right. The system will automatically record and update the new information for new sales after making a change and the old sale information will not be affected or updated.

The best way is you have to export a report to a CSV file and change them on your own.

If you feel this answer is helpful, please mark it as a Solution.

Best regards.

[Kivaz]

Thanks a lot.. Is there any workaround that old sales can also be updated in the system?

[AvadaCommerce]

Hi @Kivaz 

As far as I know, there a no way to get around this issue. Just export them into a CSV file and update the wrong information by yourself.

Best regards.

[bijoujeweler]

Poor solution.  Shopify has many shortcomings.  This one of them.  In the older version of Lightspeed, you could quickly click on sale and update cost basis.  Should be the same for Shopify but system is designed by people that have never owned a business. Disappointing.

[BetterReports-K]

Hi @Kivaz,

Keanna here from the Better Reports support team. I would recommend our app Better Reports for this!

Our reports always use the current variant cost to determine cost of goods sold so would reflect the correct cost in all sales reports. For variants that have been deleted since they were sold, cost of goods sold is assumed to be equal to net sales. This can be customized based on your preferred method of handling variants where cost is unknown.

In addition to custom reporting capabilities, Better Reports offers more than 60 built-in reports that cover your most common reporting needs including sales, current inventory, refunds, payouts, and more. Our reports can even be scheduled to send at a set frequency to your email or Google Drive!

I encourage you to install Better Reports and start your free 14-day trial and I'll be happy to set this up for you.

[HazelT]

And it costs another $19 US a month.