Cost of Goods in Managed WordPress Ecommerce
Your WooCommerce site on a Managed WordPress Ecommerce plan, gives you the ability to add cost of goods for simple and variable products without using any additional plugins. You can add an extra layer of information to track your store’s profitability by including the cost of goods sold.
How do I configure site-wide settings for cost of goods?
You can configure the cost of goods feature in Managed WordPress Ecommerce by going to WooCommerce > Settings > Orders.
The settings for the standalone Cost of Goods plugin can be found under Products > Inventory.
What site settings are available with cost of goods?
There are two main sections that you can configure:
- Exclude item(s) from income when calculating profit:
- Fees charged to customer (e.g. Checkout Add-Ons, Payment Gateway Based Fees, etc.)
- Shipping charged to customer
- Tax charged to customer
- Apply costs to previous orders (Note: If you have a new store without any orders yet, this option will not show.)
Where can I add cost of goods to my simple products?
You can add the cost producing your product (excluding tax or shipping) in the Product Data > General area while editing a product by entering the cost in the Cost of Good ($) field.
You can also edit or adjust the cost of goods in bulk using the Bulk Edit action on the Product View screen. You’ll be able to set a specific cost, or increase or decrease the cost by a fixed amount or percentage.
Where can I add cost of goods to my variable products?
If you have a variable product, you can add the cost of goods in two ways:
- Add a default cost for all variations by going to Product Data > Inventory > Cost of Good ($)
- Assign variations a specific cost by opening options for each variation under Product Data > Variations
What reports can I see with this feature?
With this feature, you can view profit, inventory valuation, and your store’s total valuation.
You can view an additional Profit section in your WordPress dashboard under WooCommerce > Reports where you can view store profit calculations for different time periods (e.g. Year, Last Month, This Month, Last 7 Days, Custom date range) in total for your store, by product, and by category.
If you have “Manage Stock” enabled along with a stock amount for a product, you can also view your inventory’s valuation at retail price and at cost under WooCommerce > Reports > Stock > Product Valuation.
You can also view your store’s total valuation at retail price and at cost under WooCommerce > Reports > Stock > Total Valuation.
How can I edit the cost of goods in an order after it’s placed on my store?
If an order is still unpaid and can be edited, you can change or add the cost of goods for each line item in the Order items section. Note that the Cost of Goods value is the total cost for that line item, that is, it’s the cost of the product multiplied by the quantity purchased in the order.