Hi,
Just ran my 1st P&L report. The report shows my sales, but doesn´t show the cost of goods that went in to those sales. The report only lists the sales and any purchases I´ve made during that time period. Is there a way to correct this report?
Thanks
You should raise some purchase orders to represent your cost of goods.
Happy to help - John (Easify Support)
John said:
You should raise some purchase orders to represent your cost of goods.
But I already have these products as my initial stock, and I may not purchase the products within the same timeframe as the P&L report.
This is a limitation of the Easify reporting system. Easify doesn't record when stock was updated and by how much in a way that can be reported on in this manor. This is something we hope to improve on in the future.
For the time being you might record these details in a separate spread sheet.
Happy to help - John (Easify Support)
That´s a real shame. Easify looked to be an ideal system for me and my needs.
I see it can show the amount of profit made on each individual order, so maybe I can do something with that.
You might get some more reporting power out of the File > Export menu.
This window allows you to apply filters to export orders, purchases or all transactions (a combination of the two) to a spread sheet using different date filters such as date invoiced, date ordered, date required etc.
Export > All Transactions comes in handy for VAT reporting for both orders and purchases, as it has a VAT breakdown button that shows the amount of VAT by Rate (20%, 5%, 0%) per order / purchase. You can filter the results by using the date pickers on the toolbar, these work on the date ordered field on either an order or a purchase.
Once you have exported the data you can total each VAT rate column as well as the net totals of your orders and purchases by using a spread sheet program like Excel.
Hope this helps.
Happy to help - John (Easify Support)
I tried the exporting, but I need the cost of goods sold for each order which doesn't seem to be available. Without this it isn't possible to calculate actual profit, and knowing how much profit you have made is essential in business.
It does make me wonder, though, what other retail users of Easify do to work out their profit.
In Easify the cost of goods is something you can get a total for over a given date range. The Reports > Finance > Purchases report gives you a total for cost of goods as long as you've been setting the purchase type for your purchases in the Payment tab. The P&L report gives you the totals from both the Purchases and Sales reports.
From your description you're after this value per order.
This might be achievable in a custom report made in Excel as you can link a product on a purchase to a particular order number. Using this link you can determine the total cost of goods per order (not something every retailer needs to do, you are one of the few to ask for this).
I've added a review item to our system so we might look into making a report that covers this in the future.
Happy to help - John (Easify Support)
Thanks for taking the time to look in to this for me, John. It´s much appreciated.
John said:
From your description you're after this value per order.
This might be achievable in a custom report made in Excel as you can link a product on a purchase to a particular order number. Using this link you can determine the total cost of goods per order
That wouldn´t work I´m afraid. I sell computer parts and accessories, so let´s use a 16Gb Pen Drive as an example.
I may have 2 in stock at a cost of €5 each in June, and then buy another 5 at €6 each (as they have gone up in price) in July. When I sell one of these Pen Drives I do not know which order they came in on as both lots are the same part number and are mixed together. In the current software I use, when my new deliver arrives the average cost of my 16Gb Pen Drives increases from €5 each to €5.71.
If I then sell one of my Pen Drives for €8 in August my P&L shows my gross profit to be €2.29 - sales price minus average cost of item. It doesn´t matter how long I have had the items in stock or which purchase order they came in on.
John said:
(not something every retailer needs to do, you are one of the few to ask for this).
I´m amazed at that - I would´ve thought that everyone would want to know how much profit they had made, not just how much they have sold. "Sales is vanity, profit is sanity" as the old saying goes.
John said:
I've added a review item to our system so we might look into making a report that covers this in the future.
That would be great if you could - I´m just evaluating Easify at the moment and know that if I want to keep using it I will have to find a solution to this. Maybe I can get the profit from each order and enter it into a spreadsheet, then export my purchases and generate a P&L that way. It´s just going to be a bit of a pain manually recording profit from each sale.
Errrmmm............ continuing on along the same lines:-
I' just done a similar thing to that mentioned above, i.e. just bought in some more stock of an item but at a higher price than before. It appears that when the new stock is added, the (average) cost of the item in Easify is not updated.
So if I click on the "show profit" button on an order the amount of profit show uses the original price for the calculation. If I run the stock valuation report it used the new correct quantity of items but multiplies them by the original starting price for each item.
Is this correct or am I doing something wrong when I'm booking in my new stock?
