[wildman]

When doing a closing last night I noticed a big error in the cost of goods sold, I canceled the closing and started looking at reports. The sales Journal showed no extreme amounts, so I ran a Summary Sales (Department, Vendor).
One Department showed a specific vendor with 2 items sold and a margin 0f -4073.2%. We then went through the sales manager and looked at both sales. One showed on the sales Journal selling for $47.50 with a 15.2% discount from a $56.00 retail price. When we went to that specific item it showed Last cost of $28.00, but reported the cost as $2800.00. We reset the Avg Cost at $28.00, and it corrected it's self. Why did it ignore the decimal point, and how often does it do this?

[RetailEdge Moderator]

As you know there are two pieces to RetailEdge's inventory costs. Last and Average. RetailEdge uses average cost to determine inventory valuation and when the item is sold it uses the average cost at the time of sale to determine the cost of goods sold.

So if there is an error in creating the item using 2800 vs. 28.00 then if you sell the item you are going to have an average cost of the item sold as being 2800. The way to correct this is to return the item before you change the average cost (so that you correct the incorrect cost of goods sold), change the average cost of the item, then re-sell it. This will not effect the sales totals for the day but will change the average cost problem.

If you think that the inventory item was put into your inventory correctly and RetailEdge was having a problem, we can log into your system, check the audit log that tracks every change in RetailEdge and see when the problem started happening. Let us know if you want us to do this for you.

When doing a closing last night I noticed a big error in the cost of goods sold, I canceled the closing and started looking at reports. The sales Journal showed no extreme amounts, so I ran a Summary Sales (Department, Vendor).
One Department showed a specific vendor with 2 items sold and a margin 0f -4073.2%. We then went through the sales manager and looked at both sales. One showed on the sales Journal selling for $47.50 with a 15.2% discount from a $56.00 retail price. When we went to that specific item it showed Last cost of $28.00, but reported the cost as $2800.00. We reset the Avg Cost at $28.00, and it corrected it's self. Why did it ignore the decimal point, and how often does it do this?