Adding a Product - Prices and VAT

Prices and VAT section

prices and vat

Cost Price (store unit) 

Enter in the cost price for the product as it should be per store unit. This is for reporting purposes for your profit margin/markup (unless you choose to override this by using ingredient stock). 

Selling Price

This is a mandatory field, this should be entered including the VAT rate. Enter in just the number, no symbols. 

Vat Rate

Enter the VAT rate for the product. You can choose from the preset VAT rates or create your own bespoke VAT rate by going to Setup > VAT Rates > Add. This is a mandatory field. 

Please note the stock references below are optional, but recommended if you are tracking your product margins/mark-ups/stock values.

Store Unit Reference

This is an internal reference, recommended if you will be monitoring your stock levels. You can write anything in the field, but it's best to make it as clear as possible. I.e "1 egg" instead of just "1". 

Supplier Unit Reference

This is an internal reference, recommended if you will be monitoring your stock levels.You can write anything in the field, but it's best to make it as clear as possible. I.e "1 pack" instead of just "1". 

Unit Conversion

This is a reference for how many store units there are in your supplier unit. This is crucial to getting the cost prices correct. For example, using the egg analogy, there are 6 eggs in a pack, so the unit conversion number would be 6. If your store unit is 1 pint, and your supplier unit is 1 keg, the unit conversion is however many pints are in a keg. 

Cost Price (Supplier Unit)

You will need to enter in the price for the supplier unit, and based on this and the unit conversion field, the system will automatically calculate the cost price for your store unit, and your mark-up accordingly. For example, if you're selling 1 pint, and your supplier unit is a keg, and you have 33 pints in a keg, and your keg costs you £50, your store unit price will be calculated automatically as £1.515. (The calculation will only extend to three decimal points).