Gross Profit Report
You can use the Profit Report app to generate a report showing the gross profit made by your online store over a particular time period.
Once you've installed the app, you'll be able to enter a cost price (i.e. the price you pay your supplier for the product) for each of the following:
- Product variations
- Product extras
- Product choices
Adding your cost prices
Cost prices should be entered either inclusive or exclusive of the VAT element of the price according to your account's VAT settings.
When adding/editing a product, for products without variations (or where variations don't have a different price) open the 'cost prices' section and enter your cost price for the product in the field shown in the screenshot below.
Where the product has variations, a tick box will appear for you to select if you'd like to enter different cost prices for the variations.
Once ticked, a new section will display.
If you've opted not to set different prices, SKU codes or weights for each variation one new field will be presented, the cost price entered will apply across all variations of the product. As shown in the screenshot above.
If you've opted to set different prices, SKU codes or weights for each variation you can enter a separate cost price for each variation combination, as shown in the example below.
If you're using the product extras app, you can set cost prices for each extra in the 'product extras' section, when adding/editing the product.
You can also set the cost price for product choices.
When configuring product choices, you can set a default cost price on the product choices page.
And when assigning product choices to a product (when adding/editing the product) you can set the cost price for each one in the product choices section.
Generating the gross profit report
Once the app is activated, a new report will appear in the reports section of your account.
Click on this report and a new page will open.
The page will display each product separately in the table and give a report on the quantity of each product sold, together with the gross profit for that product. The gross profit displayed will be exclusive of VAT.
You can change the date period the report covers by selecting a new range from the calendar.
You can also download the report into a spreadsheet (CSV file) by clicking the 'export report' button in the top right of the page.
The cost price for each product is stored within the order information at the time the order is placed. Therefore, if you change the cost price of a product at a future date, this will not affect historical orders. Because of this, gross profit reports are only available for orders that were placed after a cost price was entered for the product and won't be applied to historical orders.