Year-End Inventory Value

faubourgwines · ‎01-10-2023

First of all- BIG THANKS for the MAJOR IMPROVEMENT to the inventory counting with Square! We used to have to export our entire inventory to Excel (including thousands of items we no longer carry), print it out, divide the stack among several employees with clipboards, hunt and peck for each item in alphabetical order, write quantities down on paper, adjust the spreadsheet and then re-import it. Nightmare! It took all day! This year we used the new system and it was FABULOUS! Thank you! Hour and a half with three people. What a dream....

One more ask, though- and it seems so simple, I can't believe it doesn't already exist...

When I file my taxes, I am required to provide my accountant with an end-of-year inventory value report. This means I need the value of my entire inventory (in cost AND retail sale prices) for a specific day (the day we counted). Here's how I've been doing it:

On the day we count and reconcile year-end inventory, I export it to Excel ON THAT DAY and save it to my computer. Then I can add some formulas to the spreadsheet to calculate the numbers I need.

Problem: If I forgot to export my inventory on that day, or if I somehow lost it, how would I get this information?

The current COGS report isn't useful to me; it shows me the cost of the goods I sold that day. That's not what I need. I need the total value of everything on the shelves that I have NOT sold. I need the total value of what I own- everything that's still in the building.

Since not everyone counts inventory on the same day, you would need to be able to select a specific date and see the value of the (unsold) inventory on-hand for that date.

There are many reasons why a seller would need this report (insurance purposes, selling the business, etc.) but annual income tax filing is something everyone has to do every year, so I'm pretty surprised I can't find a way to do it.

Am I missing something?

Harsh-SqProduct · ‎01-12-2023

@faubourgwines thank you for your feedback! We are thrilled to hear that you found the inventory counting functionality useful.

As for calculating the value of inventory on hand, you can view this using the Projected Profit report - please let us know if this satisfies what you are looking for.

faubourgwines · ‎01-13-2023

Aaaaah... so there it is! I knew it had to be there somewhere. Maybe the name of that report could be tweaked to make it easier to find. I notice in the forums that there seem to be lots of people looking for it.

Harsh-SqProduct · ‎01-13-2023

Thank you for the feedback, we really appreciate it! We will reassess the naming so that it's easier to find

TCSlaguna · ‎04-12-2023

@Harsh-SqProduct Is there any way to download our Item Library Catalog from January 1st?

MayaP · ‎04-14-2023

Hey there @faubourgwines, glad you were able to get what you needed, thanks for stepping in @Harsh-SqProduct!

@TCSlaguna I am currently not aware of any way to download your item library for a specific period of time. Outside exporting it into Excel and then filtering on the Excel. I am sure @Harsh-SqProduct can confirm if this is a feature request. If so I would make sure to add a brand new request on the Ideate Board.

Please let me know if there is anything else you guys need.

Roxysbottleshop · ‎05-23-2023

Is there a way to get a dollar amount on Inventory at the end of the year? Trying to figure it out for 2022...Appreciate any help!

developer72 · ‎10-25-2023

Has Square ever upgrade to give us a Year End Inventory Report Feature? It seems like an essential report for a Point of Sale System. How could they not have the capcaity to print one.

Any ideas how I get something close to a Year End Inventory Report.

TCSlaguna · ‎10-25-2023

@developer72

Total Inventory Value can be found under Dashboard -> Reports -> Inventory Reports -> Projected Profit

Year End Inventory Report with item list needs to be done December 31 through Dashboard -> Items -> Item Library -> Action -> Export Library. Then you can sum up the values if necessary.

Please let me know if that answers your question or if you have any further questions regarding inventory.

_Dave_ · ‎11-26-2023

Here in Australia, our financial year finishes 30th June each year. I' going through taxes with my accountant & he asked me floor stock value. The report I made has been lost & I thought, I'll just pop into Square & see what it say's I had on hand 30th June - NOPE!

I could if I did it on the day I needed it, but I need it months later - like lacking a custmer referral system for in store discounts, I can't believe Square doesn't have this feature.

It was raised with Sqaure nearly 1 full year ago & here we are - still being ignored....