Product Cost?

Friends,

In Opencart 1.4.9.3 which I use, in the admin panel in the Catalog - Product, when entering the product or modify an existing product, on the Data tab, there is an to enter Cost. I read there, the product cost Used for profit reporting. What is the meaning of that?

For example, I sell goods, which is $90. I want to sell it as $100. How should I write in it? What is the value of the price, and what is the value of the cost? Because I've tried to enter $100 on the price, and $90 at the cost, but after I try to buy and I check in Reports -> Products purchased, the cost does not appear there.

Please help.

Thank you.

Sorry about any attitude here, but this is a rather silly question. Your basic mathematical formula for calculating profit is:

• Profit = Price - Cost

So, the product price is the price you are selling it for, the cost is what you paid for it in the first place, your profit is the difference between the two. I would have thought that was self-explanatory.

cost is basically what it costs you.
price is what you charge people.

it is currently not used by the cart itself but meant for use by custom report addons

fido-x wrote:Sorry about any attitude here, but this is a rather silly question. Your basic mathematical formula for calculating profit is:

• Profit = Price - Cost

So, the product price is the price you are selling it for, the cost is what you paid for it in the first place, your profit is the difference between the two. I would have thought that was self-explanatory.

Yes, I know about that . What I want to know is: Where I can check the profit? It's very helpful if I can know it, so I don't need to calculate the profit manually.

Qphoria wrote:cost is basically what it costs you.
price is what you charge people.

it is currently not used by the cart itself but meant for use by custom report addons

So, although the field available, if I use standar OpenCart (without added addons), the cost is useless?

luckyguy354 wrote:Yes, I know about that .

Didn't sound like it!

What I want to know is: Where I can check the profit? It's very helpful if I can know it, so I don't need to calculate the profit manually.

That's the question you should have asked in your first post!

So, although the field available, if I use standar OpenCart (without added addons), the cost is useless?

OpenCart is not a financial management program.

OpenCart may not be a financial management package - buts that hardly the point of needing a feature like this.

There are many retailers that will stock items that to a consumer are practically identical - but may have different costs - or for a retailer have the same cost but appeal in completely different ways to consumers... being able to generate a report that allows the shop manager to quickly determine which of these two products is performing better will help them decide if they can lose one in favour of another...

It would be useful for me - we have 100s of items and from time to time a well judged cull is a good idea - some simple profit per item reporting would be an excellent tool.

Another issue is you may need the shop to perform some kind of function that relates to the amount of PROFIT in the order... For example in one of our stores the margins on products vary from 25-50%... If I want to establish how often free shipping has LOST me money it would be good to know. a $100 order will not always equally the same amount of profit so unless you can establish some idea of the profit that typically comes from a $100 order "free shipping on orders over $100" may mean you are simply a busy fool, slowly going bust!

The same for '3 for 2' deals... if you make 33% profit you effectively sell 3 for no profit, but waste time packing and dispatching it! A toll that helps in making a quick decision on which items you run a promotion on using an indication from the shop would be nice.

That is not financial management - as I am not asking OpenCart to calculate the rent, electricity, tax, warehouse, staff... it is a store MANAGEMENT tool... and it would be cool to see it built in.

Anyways...
I was looking for this feature in Version 1.5 and can't find it - was it added to 1.4.9 and not carried over to 1.5?

TofuMan wrote:I was looking for this feature in Version 1.5 and can't find it - was it added to 1.4.9 and not carried over to 1.5?

It was removed for the time being.

Hi - thanks for that info.

I suppose this is a feature we could put in ourselves somehow?

One of the main reasons why we are moving to OpenCart is that we have been tied to a desktop based platform for almost 8 years that we cannot customise very much (only the HTML and some text but not the core functions)

If we wanted to hire a programmer and create some reporting tools for our admin system would we be able to add that feature to our version in a way that is future proof, bearing in mind that it may reappear in future releases?

I'll be creating a Product Cost Field extension for 1.5.0.x. I'm just waiting until the version changes slow down a bit and it's a little more stable.

Hi Jonathan,

Were you able to create the Product Cost Field extension for version 1.5.1.3? I would like to add this functionality to Open Cart? If not, can you recommend an alternative?

Thanks
Elvis

Daniel made some points about historical product cost which were good, and caused me to rethink how to implement it. I also started having a hectic schedule after that post, so I haven't had time to sit down and do it. I'm not sure I'll be able to, but I'll try and get to it soon.

Advanced profit reports are here:

ADV Sales Report + Profit Reporting
http://www.opencart.com/index.php?route ... on_id=4087

ADV Products Purchased Report + Profit Reporting
http://www.opencart.com/index.php?route ... on_id=4170

ADV Customer Orders Report + Profit Reporting
http://www.opencart.com/index.php?route ... on_id=4409

Hi every body,

We have made a new extension:

Product cost and profit - benefit report. Just Released!

We just released version V1.3 for FREE. This extension is going to help you to know your profit / benefit with a simple but powerful report and a very easy to use interface. VQMOD needed.

Download it now for free!

http://www.opencart.com/index.php?route ... on_id=6043