I started with Square Free version. I am now doing my taxes and realize it would have been so much easier using Square for Retail, if anything, to access my unit cost - and be able to run the COGS report to utilize for end of year taxes.
I am now backtracking and entering unit cost for my items (thousands). When I finish, can I then run a COGS report, and have that newly entered 'unit cost' data reflected in a COGS report for the time prior to having Square for Retail, or does it only work going forward? I did a couple items test, and it still showed as "$0" for unit cost.
I need to know if I am missing something, or else I have to do a lot of best guessing for my taxes. Please let me know.
Hi @BlackMetalMerc. Since you didn’t enter unit costs until recently, those costs only start being recorded when they are entered or changed. That way, you won’t “change history” when you enter updated costs in the future. That is how this was designed.
The only way you can change/rewrite history now is to download your sales data and use a spreadsheet to approximate your costs. But, of course, this will not be 100% accurate as I’m pretty sure that your costs changed a few times over the past year. So unless your spreadsheet takes into account all of those changes on the date they changed, your costs will only be approximate.
Hi @BlackMetalMerc. Since you didn’t enter unit costs until recently, those costs only start being recorded when they are entered or changed. That way, you won’t “change history” when you enter updated costs in the future. That is how this was designed.
The only way you can change/rewrite history now is to download your sales data and use a spreadsheet to approximate your costs. But, of course, this will not be 100% accurate as I’m pretty sure that your costs changed a few times over the past year. So unless your spreadsheet takes into account all of those changes on the date they changed, your costs will only be approximate.
Appreciate the reply - and as much as I hate to say, that all makes sense ("changing history").
Thanks!
Square Community
Square Products