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Inventory- Year End

JulieAJulieA INRegistered User ✭✭✭
I have always struggled with the Inventory module in SL.  Especially arriving at year end inventory value to calculate Cost Of Goods Sold.  The other issue I have is items with changing cost.  Say I bought 100 locks in 2017 for $4.00 each.  Sold 75 in 2017. Ordered 50 in January 2018 at cost of $4.75 each.  Sitelink doesn't have an option for FIFO (first in first out) or Cost Averaging.  Basically none of my cost figures are correct.  For several years I tried to keep track of inventory and figures in my accounting software but it was taking too much time. 
Any suggestions?  Thanks Julie

Comments

  • OrkoceanOrkocean CARegistered User, Daily Operations Certified, Advanced Operations Certified, Administrator Certified, myHub Certified ✭✭✭✭✭
    For changes in cost maybe keep a excel spreadsheet, so 100 @ $4.00 listed, 75 sold, then another line for the 50 @ $4.75 listed? I've never had to deal with the taxes/books aspect as i've always had home offices that handle that stuff so maybe is isn't as simple as that.
  • JulieAJulieA INRegistered User ✭✭✭
    FYI- if you go to Company-Inventory Set Up and select print it will give the total cost of inventory on hand.  That isn't really accurate based unless the actual cost is entered and calculated.   Also I tried to print a Merchandise Sales Report for the year but the only option is Monthly.
  • Christa_GrayChrista_Gray CanadaRegistered User, Daily Operations Certified, Advanced Operations Certified, Administrator Certified, myHub Certified ✭✭✭
    When we get new shipments, if they are different prices from what we have in stock already (whether this be new prices for us, or the tenant) our accountants put them in the program as a "New" item..

    eg... 14 locks still in stock, just ordered 30 new ones, and the new ones cost us $1 more then the last time, then they will put "New locks" and place the 30 $1 more ones under that. Then we just sell from the "old" stock until it totals 0. 

    Not sure if this would help, but it's an idea. 


  • JulieAJulieA INRegistered User ✭✭✭
    Thanks Christa for that work around! Shouldn't be that difficult! 
  • teamcapitolateamcapitola CARegistered User, Daily Operations Certified, Advanced Operations Certified, Administrator Certified, myHub Certified ✭✭✭✭✭
    edited January 28

    It has always seemed that the inventory module in Sitelink was an afterthought rather than a proper POS system. Workarounds are the name of the game.

    @Julie - another thought would be to use handheld UPC scanner, and building off of Christa's workaround create/use different UPCs for each item's cost points. Sitelink supports the scanners.

    Generating and printing UPCs for each items/SKUs cost would be a tedious way to go about it but it would work. The back end would be nightmarish with many different SKUs for each product, but it would keep track and be 100% accurate without confusing staff.

  • paschnpaschn NARegistered User
    edited February 13
    Because of cost, I've decided to stop carrying disc locks for awhile. Is there a way to remove it from the inventory roster to end it being placed in reminders, (to purchase)?
  • JulieAJulieA INRegistered User ✭✭✭
    #1 Best Seller.  We 99.9% of time require customers to purchase unless they have their own disc lock.  We sell them for 9.99.  Not sure why your wouldn't carry them. 
  • OrkoceanOrkocean CARegistered User, Daily Operations Certified, Advanced Operations Certified, Administrator Certified, myHub Certified ✭✭✭✭✭
    lol and I thought our vegas site was cheap at $10 each.... i've always sold em for 12 or 12.99 depending on the site. Typically walmart/home depot are 10-11 and you're providing a convenience of having it available for them right then and there. As I always tell customers *if you can goto walmart and buy just one thing, way to go because I know I can't* and they usually laugh and buy it then. 
  • JulieAJulieA INRegistered User ✭✭✭
    I need to raise mine.  Walk in Walmart door - spend at least $100!
  • i43storagei43storage WIRegistered User, Daily Operations Certified, Advanced Operations Certified, Administrator Certified, myHub Certified ✭✭✭✭✭
    I use to sell them for $10, but they are so bloody difficult to grind off, I stopped.
    Jean Marie
    I-43 Storage
  • FayeFaye MIRegistered User ✭✭✭
    We have Home Depot right next door. I sell the same locks for $1.00 more than Home Depot. New Policy,  Moving forward new tenants are not allowed to use Disc Locks, too hard to cut / grind off.
  • OrkoceanOrkocean CARegistered User, Daily Operations Certified, Advanced Operations Certified, Administrator Certified, myHub Certified ✭✭✭✭✭
    I don't mind grinding disc locks off, the only time it's ever been a hassle to me is if it's a crazy latch system like we have currently which offers you no real access to it or i'm using a worthless grinder. I started carrying my own dewalt 18v grinder that i've had for 8 years now with me when I visit stores as typically they have ryobi's which were utter trash. The store i'm at now even has a Makita and I can't stand it. You put a little bit of pressure and it seizes up stopping the blade making it a pain. My dewalt I can put as much pressure as I want, never seizes up and cuts thru the metal like butter.

    Atleast none of you have to bolt cut disc locks off, I did that for months at my first place since the owners wouldn't purchase a grinder. Lasted until I messed my arm up and ended up buying my own grinder.
  • FayeFaye MIRegistered User ✭✭✭
    I have never had a problem cutting Disc locks off as long as I can fine that one spot that is thinner. Sometimes I have just cut the latch off and replaced that. 
  • JulieAJulieA INRegistered User ✭✭✭
    We charge the customer $25 to cut off disc lock.  $40 if it is disc lock and black protector bar.  We no longer use the black bars because they are so tight with the disc locks the customers couldn't get the locks open.  They also had to be used with a "lower quality" disc lock that had a metal key.  The keys frequently broke in the lock because the tenants couldn't get the lock open. 
  • CVSSSTORAGECVSSSTORAGE CARegistered User, Daily Operations Certified ✭✭✭
    We charge $13.99 for our disk locks. We prefer people to have them since they are tougher to break into
  • paschnpaschn NARegistered User
    JulieA said:
    #1 Best Seller.  We 99.9% of time require customers to purchase unless they have their own disc lock.  We sell them for 9.99.  Not sure why your wouldn't carry them. 

    We've been here for approaching 12 years. Zero break ins, (I run site checks into the night), Maintaining a power plant/grinder in working order is also not cost effective. The laminate locks are removable with bolt cutters and I can do it for them free. Customers appreciate it and we've been running between 90 and 100% for several years.
    Now, do you have a suggestion in line with my initial comment?
  • FayeFaye MIRegistered User ✭✭✭
    paschn said:
    Because of cost, I've decided to stop carrying disc locks for awhile. Is there a way to remove it from the inventory roster to end it being placed in reminders, (to purchase)?
    If you go into "Company", "inventory set-up", you should be able to delete merchandise from there unless you do not have access.
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