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Inventoria Item cost change


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Hi. Perhaps someone could help.

 

What must I do when there is a cost change? If I change the cost in the item parameters, it changes also the cost of the existing inventory. The same happens with the price. Let me give you an example:

 

I bought 1 unit of the A item, which cost $1. Then, I bought 1 unit of the same item which cost $2 , because there was a price increase. The system tells me that I have 2 items, which is correct, but the total cost is $4, not $3.

 

How can I keep track of my inventory at the real costs and prices? The system seems to tell me the total cost at the last amount (in other words, at the cost that is set in the item).

 

Any help?

 

Regards,

B

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  • 4 months later...
  • 3 weeks later...
  • 3 months later...

Hello and thank you for contacting NCH Software, we apologize for the inconvenience you have encountered there. Currently the program does not offer the option to enter different prices for the same item. We have reported this to our developers for them to check and offer an option if possible.

For the time being you may create a new item for the items with different prices so you can keep good track of inventory and cost. You may add something like .1 or anything else to the items description to differentiated the items.

You may subscribe to our newsletter to get a notification once there is a new version for this program where the issue may be addressed.

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  • 3 weeks later...

Thank you Chris75,

 

I own a Corporate version of inventoria, and I'll start to say that it's a neat little piece of software, this post on items cost has become an actual must have for INVENTORIA, something that gives you at least the following:

  • Last purchase price
  • Medium purchase price

 

and probably an option to decide if you want your stock reports based one one or the other (and maybe even the Item cost fixed value)

 

This update will absolutly make me "upgrade" and buy the new version of INVENTORIA

 

My question is: Is there a roadmap for the next version, updates to be implemented and release date?

 

Thank you for your time!

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  • 3 months later...

Dear Chris75

 

When you update to be implemented Cost Price Problem ? Now we are waiting your software update for fix this problem.

 

I wait you so along time. Please let me know your release date.

 

Thanks

Vannak

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  • 2 months later...

yes a roadmap to upgrades would be most helpful. i am looking around everywhere to see what improvements and what is different should i upgrade.

i cant find anything and dont want to upgrade without knowing what the extras and improvements are. thanks

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  • 1 year later...

Everytime i change the cost price it changes the "Cost total", the "Gross Benefit" etc....

This is a HUGE DISADVANTAGE that i have to create a new item with different name for the same item everytime that the cost price change.

i should be able to keep track of: 

  • The date of last unit cost price
  • and it should automatically adjust it in the "Cost total" , the "Gross Benefit" etc...

But are you really going to fix it? Because those comments are there since 3 years.

 

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  • 2 years later...
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I have found a solution to this problem. Although it is not ideal, and the user must make calculations to adjust the price, but at least it may help some people. I think it is a better solution than having multiple listings for the same item with different prices. The best solution is if the program did this calculation automatically.

This is called a weighted average and gives you the actual dollar value of your inventory when you have price changes.

  1. Take the previous inventory value of the item and add it to the value of the new purchase
  2. Divide that total by the total quantity of items now in your inventory
  3. This gives you the weighted average of the unit cost of the item

I'll walk through an example:

  • You have 100qty of ItemA that was purchased at $1.00. You have not sold any, so your inventory value for this item is $100
  • You sell 50qty of ItemA and want to place a new purchase order. (Your remaining inventory value for this item is $50)
  • You order another 100qty of ItemA, but this time the price is $1.25 each. Your order total is $125.00
  • Before you "Receive Stock" of the new purchase, open the "Inventory" report and look for the item. In this case it will show ItemA, 50qty, $1.00 cost value, $50.00 line total.
  • Do step 1 from above: $50 + $125 = $175
  • Now click on "Receive Stock" to receive the new inventory purchase. Your inventory quantity will now show 150qty (50qty from previous + 100qty new purhcase)
  • Do step 2 from above: $175/150qty = $1.167
  • Because the cost in the item screen does not automatically update/adjust, open up the item and edit the "Unit Purchase Cost" from the original $1.00 to $1.167. This is your new weighted average cost per unit.
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