[LSX] Setting the Average Cost for new Items

This article reviews how to set the Average Cost for new products in Lightspeed Retail X Series.

Why is it important to set the Average Cost?  If you have imported any products into Lightspeed Retail X Series  without a Quantity on Hand, you may have noticed on your sales reports, those products reflect $0 Cost of Goods Sold and 100% Profit.  Those products will not reflect an Average Cost until you have received more through Lightspeed Retail X Series.

You may also notice, on your Inventory Reports, $0 Inventory Cost for products that have a quantity on hand and a Supplier Price other than $0.  This could be due to the Average Cost being $0.

It is important that this be resolved as quickly as possible and needs to be completed by importing the Average cost (average_cost_'outlet_name’).

You can import the Average Cost when you import the products for the first time, or after they are already created in Lightspeed Retail X Series.

In order to familiarize yourself with importing products in to LSX, please review the article, importing products in bulk, on Lightspeed Retail X Series Help Center.

Now that you are familiar with importing products into Lightspeed Retail X Series, please follow the steps below on adding a column in your spreadsheet for the average cost.

In this example, we will only be importing one new item into Lightspeed Retail X Series with the average cost included.

1. Have your spreadsheet with your new items properly formatted for import with all of the needed information.
2. For our document purposes, you see a subset of the basic fields of data in the spreadsheet for importing new items.  You will simply copy and paste the "supply_price" column to create the new column and then rename the new column “average_cost_outlet_name”.  You will replace “outlet_name” with the actual name of your Outlet as you have int in LSX Settings.  Please note that not all available fields are shown in this example due to space constraints.

3. Click the column header above "supply_price", in this case the letter ‘G’, to select the whole column of data.

4. Right click the column header ‘G’ and then click "Copy".

5. Right click the column header above "retail_price", in this case the letter ‘H’, select "Insert Copied Cells".

6. In the new column, ‘H’, change the name "supply_price" in cell ‘H1’ to "average_cost_outlet_name" where "outlet_name" is the name of your outlet as documented in LSX Settings.  We will use "Lewisburg PA”.

7. Save the changes to your spreadsheet.
8. As long as your data has been properly formatted and saved, you are ready to import the Products into Lightspeed Retail X Series.  Follow the instructions in the article named "Importing products in bulk".