Dockwa has three inventory reports. They use the same deliveries and sales, but each one answers a different question. Pick the report by the question you're asking.
The Short Version
What did my goods cost me? Run Cost of Goods Sold.
What is my stock worth? Run Inventory Snapshot.
What did I pay vendors, and how did stock move? Run the Inventory Report.
Side by Side
Inventory Report | Cost of Goods Sold | Inventory Snapshot | |
Answers | What did I pay vendors, and how did stock move? | What did the goods I sold cost me? | What is my stock worth? |
Dates | A date range | A date range | One date |
Costs stock you already had | No, only deliveries in the period | Yes | Yes |
Margin uses | Price rung up, before discounts | What you collected, after discounts | Today's retail vs. last purchase price |
Costing method | None | FIFO or Weighted Average | FIFO or Weighted Average |
Use it for COGS | No | Yes | No |
Which Report for the Job
Closing the month.
Run Cost of Goods Sold for the month for your COGS entry. Then run Inventory Snapshot as of the last day of the month, with the same costing method, for the inventory value on your balance sheet. The two totals tie.
Year-end, insurance or a lender.
Run Inventory Snapshot as of the date they ask for.
Repricing.
Run Inventory Snapshot and look for the Below cost flag: items priced under what you now pay.
Margin by item.
Run Cost of Goods Sold. Its margin is after discounts, so it shows what each item actually earned.
Checking a vendor delivery, reordering or tracking shrinkage.
Run the Inventory Report. Its Detail tab lists every delivery with vendor and reference number, and every sale and return.
Two Things That Make All Three Accurate
Enter a price every time you receive inventory.
Every cost, value and margin in these reports comes from the price on your deliveries. An item that has never had a priced delivery shows a dash instead of a cost.
Pick one costing method and keep it.
Ask your accountant whether you use FIFO or Weighted Average, and choose the same one in Cost of Goods Sold and Inventory Snapshot every time. Switching methods changes your numbers.