The cost price doesn't get updated when I change it on the product

In our system, there is a distinction between cost price and expected cost price (which is the one that can be changed under the product).

The expected cost price is the cost price Rackbeat will use when an item is to be ordered from a supplier.

You can view the expected cost price as the unit price you expect the item to cost from your supplier – this price is entered under the product.

In practice, this means that Rackbeat, by default, chooses to purchase the product at this price when an order is made. This does not mean that the product must be purchased at this price – you can, of course, always adjust, as the price can vary from time to time. The expected purchase price does not determine the actual 'unit value' the item has in stock – it is just a help in the purchasing process.

Cost Price
Cost price shows the actual inventory value a given product has in stock – a product therefore has no cost price if nothing is in stock. Since a product can be purchased at different prices from time to time, the unit value of a product can change continuously. A product's cost price therefore influences the total value of the inventory. The way this value is calculated is based on the chosen inventory principle. In Rackbeat, both average cost price and FIFO (first in first out) are used.

Average Cost Price:

If the inventory principle 'average cost price' is used, the inventory value is calculated based on the average of one’s purchases.

FIFO:

If FIFO is used, the total inventory value is calculated differently – here, the value of the inventory is determined based on the principle that the cost price of the first purchased items is used first in sales.

You can change the cost price through an adjustment - we guide you through this here:

Under the Items tab go to

 > "Adjustments" 
 > "Create new adjustment"
 > Check "Adjust cost price" and fill in the relevant fields

When you press Adjust cost price, the adjustment will be saved as a draft under 'Adjustments' - here it must be booked before the change takes effect.