Located under the Retail > Product Catalog menu, the Add a Product Page helps you manage all the details about the items in your retail store. As soon as you enter the item into the Product Catalog, it will be available for sale by staff in the Retail section of the studio site.
You can track how many items you have in stock. When an item is purchased, the system automatically updates the number of items still in stock. You can set up an alert when it's time to reorder an item. You also also opt to display the item for sale in your online store in the member connect site.
- Use the income category field to track your revenue from retail sales separately from membership dues on the Profit and Loss Report. This comes in handy during tax time!
- Adding a Product Picture - An image needs to be in the 200-500KB range and a size not larger than 5 inches on each side.
- Tax 1 and Tax 2 fields can be managed in the Setup > Financial > Tax Rates menu. Checking the boxes next to these Tax fields will automatically calculate and add that tax when this item is purchased.
- Enter the 'Wholesale Price' of an item so you can see your gross margin on an item (how much profit you made on the sale).
- To track cost of goods sold (COGS), create an Expense category called "Cost of Goods Sold" and use the Add an Expense command to log payments to your vendors. These expenses will appear in the Profit and Loss Report as a separate line item.