Home › Forums › Cost of Goods for WooCommerce › How to handle updates on product costs, multiple currencies and Ads costs?
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- This topic has 9 replies, 4 voices, and was last updated 2 years, 8 months ago by SG.
- September 20, 2020 at 11:47 am #89379SGGuest
Presale questions before I get the Pro version.
1. the cost of good of my products varies every quarter due to currency fluctuation and purchase price. When I install the plugin for the first time and enter a COG for all my SKUs, understandably it will work for all past orders. However, when my price change and I edit new COG on certain products, my historical (past COG) should not change. Only new orders reflecting the new COG should be counted. Is this correct?
In other words, every order needs to capture the COG at time of order placed, so that historical profit will remain as is. (e.g past profit won’t change when the COG gets updated)
2. I have multiple currencies, so the COG should adjust currencies COG/Profit to my base shop currency I assume?
3. Is there an option to add a “Monthly Ad Spend” cost (custom post is ok) so that your WC COG report can show monthly ad spend and the Profit graph to deduct this Monthly Ad Spend too?
This is very important for ecommerce stores and it will be a big win for you to pitch clients as I dont see a simple plugin doing this.
ThanksSeptember 20, 2020 at 12:48 pm #89380SGGuest
I am testing your free version. The cost for my bundle was multiplied by 2. Will you be able to check before i purchase?September 21, 2020 at 7:51 am #89381SGGuest
I found the solution on the bundle setting to prevent double count.
Now, the currency for COG is not reflected correctly. The COG still uses the base currency even though the purchase currency was a different one.September 21, 2020 at 1:18 pm #89382WPFactory PluginsParticipantPlugin Author
1. Order profit calculation – the plugin works in such way that it will apply current product costs when calculating profit for a new order. That is, if, for example, some product’s cost of goods is $10 when new order is made, the plugin will calculate order profit based on $10. If after that you will change the product’s cost of goods, let’s say to $15, then, when another order is made, the plugin will calculate order profit based on $15. Profit for old orders will remain unchanged (i.e. based on $10). As for the older orders, made, for example, before the plugin was installed – by default profit for those orders will be unset, and you’ll have to run our “Recalculate orders cost and profit” tool (available in Pro version of the plugin only), which will calculate profit for all orders at once. You will have to run this tool only once.
2. Currencies – unfortunately, currently the plugin will ignore the order currency, and will apply same product cost of goods. However, this is on my todo list for some time already, so I could try to implement it now. I’m thinking about adding “currency exchange rates” section, where you would set currency pairs conversion rates. I.e. you wouldn’t have to set product cost of goods in different currencies manually, and plugin would convert it to the base currency automatically instead, i.e. based on currency exchange rates multipliers.
3. Monthly ad spend – there is “Extra Costs: All Orders” section in plugin (in “WooCommerce > Settings > Cost of Goods > Orders”), where you can set fixed or percentage extra costs for each order. In other words, this would give you the approximate value. For example, if your monthly ad budget is $300 and you have 200 orders per month on average, you could set “Extra Costs: All Orders > Fixed cost” option to $1.5 (i.e. $300 / 200).
Please let me know what you think.September 21, 2020 at 1:33 pm #89383SGGuest
Thanks for the reply.
1. Understood. It will work for me.
2. Currencies – Great. How soon can this be implemented?
3. Monthly ad spend. Monthly ad spend can’t be divided per item basis, although forcibly it can be taken that way. Will this be monthly based, example, the ad spend for Jul and Aug is different and it will only be known at the end of the month (final ad spend and final unit sold or percentage of revenue). Ideally, if there is a line/bar graph in WC Report/Analytics for ad spend alone (or you can name it any monthly overhead cost), I am sure yours will be unique, as I cant find any except on an accounting report like Xero (too granular and tedious, as folks just want to have a glance of how they are faring every month from top level)
I will purchase if you can let me know the answers above.September 21, 2020 at 1:47 pm #89384SGGuest
I will buy this plugin now in good faith hoping the currency issue can be resolved.
Hopefully, it will be in a week’s time. When that happens, I can recalculate back orders using the new currency conversion function.
I hope it works for bundles too. I will purchase now.September 21, 2020 at 2:50 pm #89385SGParticipant
I chose the wrong option. I wanted lifetime licence for 1 site. But mistakenly chose a yearly auto subscription. How do i change it?September 21, 2020 at 2:54 pm #89386WPFactory SupportKeymaster
Please contact us on [email protected].September 21, 2020 at 8:13 pm #89387WPFactory PluginsParticipantPlugin Author
Currencies – basically it’s already done. Just needs some final testing and I’m ready to release.
It’s a bit more complicated with “monthly ad spend” – currently all calculations are done on per order basis, so I’d have to figure out how to squeeze monthly values there…September 22, 2020 at 12:46 pm #89388SGParticipant
I am super impressed by the speed Tom adjusts his plugin to my requirement and responds to feature requests. I was sceptical at first but I am so happy I bought this plugin over the more pricey COG plugin sold at official WC store. And he is making this sync with multi currency which everyone should pay attention to when getting a COG plugin.
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