Help with current inventory and receiving new inventory with different price, same vendor

[Curtis_H]

Hello,

We have a retail store, and I am struggling with this issue.

Lets say I have a wholesale vendor ABC, and I bought xxx amount of necklaces @ $1.30 each (Cost).

Now, a month later, same vendor I purchase more of the same necklace but its now @ $1.20 each, say I bought 50 of them.

I still have the old stock of necklaces @ $1.30 each. Lets say 5 left.

How do I accept the new inventory at a lower cost?

Currently, what I have been doing is creating a new item with the same SKU but adding a 1 at the end, same description, same everything but the SKU.

Is this the way to do it, or is there a better way?

[Laurie_]

Hi there @Curtis_H,

Thanks for reaching out to us with your question!

This is a tricky one because once you’ve created a purchase order for an existing vendor, the item variation will be associated with that vendor and the cost to purchase from that vendor. The issue with editing the existing purchase order unit costs is that this will impact your historical data and COGS reports.  

Based on this I believe the best option here would be to create a new purchase order and add the newly priced item as a separate item (with differentiating SKU), which sounds like what you've done in this case already.

It may also be worthwhile reaching out to our Support Team and speaking with a Square for Retail specialist who can confirm whether this is the best approach, or if there is another workaround they would suggest in this instance.

If you'd like to speak with our Support Team by phone, you can give us a call at 1-855-700-6000 between 6 am - 6 pm Pacific Time Monday - Friday. 

[TheBurrow]

Hi Curtis,

I'm having trouble finding an answer to this question as well. Did you ever receive an answer or is this workaround the only option?

Thanks,

Amanda