BridalLive allows you to manage 2 different cost fields for each item. This article will describe what each of these fields mean.
Inventory Cost
The Inventory Cost field is meant to represent the actual cost of the physical inventory item. For many special order salons, this would be the cost of the in-store sample piece. Many times, especially with Bridesmaids, the vendor will give you the samples for free. In other cases, samples may be "on loan" from a vendor and may not be considered "inventory". In both of these scenarios, you may want to use an Inventory Cost of 0.00. Here's why...
At the end of the year, many bridal stores pay a tax on the value of their inventory and many like to exclude the samples that are "on loan" from the vendor from those taxes. The Itemized Inventory On Hand report shows the Inventory Cost field so it's important to keep this field updated with the appropriate value.
Order Cost
The Order Cost field is used to represent the cost to re-order the dress from the vendor. This field will be automatically populated on Purchase Orders when the items is ordered from the vendor.
Inventory Cost
The Inventory Cost field is meant to represent the actual cost of the physical inventory item. For many special order salons, this would be the cost of the in-store sample piece. Many times, especially with Bridesmaids, the vendor will give you the samples for free. In other cases, samples may be "on loan" from a vendor and may not be considered "inventory". In both of these scenarios, you may want to use an Inventory Cost of 0.00. Here's why...
At the end of the year, many bridal stores pay a tax on the value of their inventory and many like to exclude the samples that are "on loan" from the vendor from those taxes. The Itemized Inventory On Hand report shows the Inventory Cost field so it's important to keep this field updated with the appropriate value.
Order Cost
The Order Cost field is used to represent the cost to re-order the dress from the vendor. This field will be automatically populated on Purchase Orders when the items is ordered from the vendor.