Table Of Contents
WooCommerce Cost of Goods Sold allows you to easily track total profit and cost of goods by adding a Cost of Good field to simple and variable products. Costs per item and order are automatically calculated on checkout, and in-depth reports provide exactly the information you need to improve your bottom line, including information on most and least profitable sellers.
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Installation for WooCommerce Cost of Goods Sold
- Download the extension from your WooCommerce dashboard
- Goto Plugins > Add New > Upload and select the ZIP file you just downloaded
- Click Install Now, and then Activate
- Click the Configure link and read the next section to learn how to set up and configure the plugin.
- PHP 5.3+ (You can see this under WooCommerce > Status)
Setup and Configuration
To start tracking your profitability, you must configure your cost settings, then set a “Cost” for any products you sell.
Checkout Fees, Shipping Costs, and Taxes can be individually excluded from the profit reports by going to WooCommerce > Settings > Products > Inventory and scrolling down to “Cost of Goods Options”. By default, all of these components should be excluded from profit calculations (recommended settings).
By unchecking these boxes, profit calculations will include these fees, costs, and taxed as income, and will, therefore, be included in your profit. If an item costs you $3, you sell it for $10, profit is normally $7. If the tax and shipping charged to the customer amount to $3 and you include them in profit calculations, your profit will be shown as $10 instead. Only enable these options if you want shipping or taxes included in your income. Some customers include shipping, for example, since they later deduct shipping as a fixed cost from their accounting.
To get the most accurate profit reporting for most stores, you’ll probably want to exclude these items. If you want to exclude any of these parameters, check its box in these settings: