have ex-tax prices in the product inventory page.
I'm in the UK with 20% VAT. On the product page when adding new inventory I can see the retail price inc and ex VAT. However, the cost price is tax inclusive only. This is really unhelpful as a) everyone buys and invoices in ex VAT Pricing in the business sector, so it means every line has to be manually calculated before entering and b) it means you cannot see accurately what your margin is nor a correct % markup. Please help!
Paul Austwick commented
We raised this issue when on boarding over a year ago.
COST is definitely EX vat as you would expect - verified with Repairshopr support.
nb There is a bug in the cost markup though as its calculated on the wrong field (retail inc instead or retail ex). Which causes the confusion.
The fix would be
add (ex) labeling to cost.
Calculate the markup on the right field (Retail Ex).
I'm really confused here and need this sorted out as well. Please clarify this RS!! The probably with this software is that it's clearly tailored for the USA market, not the UK market.
I was told the price cost field is already ex tax / VAT
We have an inventory of about 400 items to import soon, is there a way round this?
Yes please, this has been needed for a long time. Cost price fields ex & incl tax just like to the sale price fields :-)
Matt Ed commented
I've always understood that the Price cost field on products is Ex VAT.
Stephen Howse commented
This would be handy for NZ & Australia to. We have GST @ 15% and everything we quote is exclusive of GST. The GST gets added on at the end of the invoice. Our products & hourly rates etc are all GST exclusive. I don't want to have to ADD GST onto everything we do just so the software can then proportion it at the end.
Phil Barnfield commented
Can we bump this up please as a much needed fix for us UK guys! Maybe add in both Inc Vat and Ex Vat for Purchase and it auto calculates depending on which box you enter into.
Does it for Sale Price doesn't it..... replicate this and all shall be good, with some field labels too :-)
I totally agree. And this is really important to us in the UK. Prices MUST be based upon ex-VAT amount.
If I go to the page of the inventory item I appreciate it seems possible to enter either in or ex VAT amounts however the CSV export file only has inc-VAT amount
I don't know if it is the same in USA so it might be helpful to also mention that in the UK businesses dealing with "trade" customers always tend to discuss prices exclusive of VAT whereas retail business direct to public must now quote prices inclusive of VAT.
Also it is important to appreciate (though I am certainly no accountant!) that there can be different VAT rate some items - and between countries.
Phil Barnfield commented
as suggested we need clarification and the best way is to simply add the bit of text into the label next to the input field. BUG FIX...?
Tech Support told us it was inc VAT cost price! JUst shows that his really needs clarifying and improving for UK customers.
Not sure on this Lee (I have asked for clearer marking in the past of inc / exc) but the cost price is excluding VAT I think based on what it comes back with the margin made?
Like you say - it only needs one more bit of text - either exc. inc. but hey! Also, same problem when ordering parts - as well as the price not clear on what to enter, what is the shipping box for price or notes?