"Total Inventory Value" not updating in Reports-Projected profit!

[TOV]

I ran a mid-year Projected Profit Report and noticed  a few stock items had incorrect "Total Inventory Value" listed which threw off the projected profit report. I checked the stock and saw that although I had originally entered the cost incorrectly for a few things (eg. I entered the cost as 2700 instead of 27.00), I had corrected the mistakes a while ago in Items. However, in the Projected Profit Report, the "Total Inventory Value" still uses the incorrect  amounts (eg. $2700 not $27.00) which basically makes the Projected Profit report worthless. How do I get Reports to sync with the current info in Items and not use old data? Will deleting and re-entering work? I'm hoping it hasn't thrown off the COG report as well. Thank you to anyone for assistance! 🙂

[TCSlaguna]

Hi @TOV, 

I believe when you receive a quantity of product, say 2, the COGs is stuck with those two. Say you already have 4, you receive the 2, the COGs is going to stay with those until you sell the 6. If you then receive 3 more, then the COGs for those will stick with the new 3. 

Perhaps @HC_Charlie  can confirm. 

[HC_Charlie]

@TOVI believe that @TCSlaguna is right here, I haven't tried it myself but I'd do a test and adjust your inventory by manually removing all of your items, and then "receiving them again" at the new figures and see if this corrects itself.

[TOV]

Thank you very much for the reply. I tried something like that, but it didn't seem to erase my initial incorrect Cost entry.  The incorrect cost (I inputted $500 for an item when it was really $5.00) was still in my history and being used by the Total Inventory Report. Sigh. However,  I'm hoping I have found the solution. I dug further and found cost "History" and was able to manually correct my initial mistake of $500 to $5.00. I won't know if it this correctionupdates in Total Inventory Value until tonight as apparently that particular report just syncs once a day and not in real time. So, I'm crossing my fingers. Again, thank you both very much for responding. It's greatly appreciated! 🙂 

[TCSlaguna]

Please let us know if it works. Would help us out greatly. 

[TOV]

It worked! Yeah! 🙂 I clicked on the highlighted "learn more" in the Projected Profit panel and this article popped-up (hope the link works):   https://squareup.com/help/us/en/article/6365-square-for-retail-reporting?utm_medium=web&utm_source=d... . For  my particular issue, I needed to correct the actual incorrect entry as it was still being used in the projected profit. It won't show immediately though! It only updates once a day. I The article said this about correcting history: "If you need to add or update your unit costs for historical adjustments, visit the History tab on your online Square Dashboard to get started."  Anyway, hope this might help someone else before they pull their hair out! 🙂 Again, thank you for responding. It's really appreciated!!! 🙂 

[TCSlaguna]

Thanks for the solution @TOV!