Point of Sale (POS) Glossary
Cost of Goods Sold refers to the acquisition price of a merchant’s stock. This includes freight, as transportation is necessary to get an item on a vendor’s shelf, including freight. However, things like employee and shipping to a customer are not part of this calculation. Cost of goods sold is sometimes abbreviated as COGS. When a point of sale system records a sale, the sale price minus the COGS is part of the calculation for determining profit.
There are various accounting methods for determining the COGS when the price of an item changes over time. One common technique is first-in, first-out, which for bookkeeping’s purposes means the cost for the oldest inventory items is recorded as being sold first. A POS system should track the acquisition date and prices paid for a specific inventory item for an accurate COGS calucation.
See what separates ACID Point of Sale from the rest of the POS solutions.
Meet Magento Florida Feb 15-16 2023
It was great meeting all Adobe Magento industry professionals that attended Magento Meet Florida. The event was planned perfectly from sessions to solutions.
Meet us at Meet Magento (Feb 15th-16th) at Seminole Hard Rock Hotel in Miami, FL
This year we decided to attend Meet Magento in Miami, FL from Feb 15th-16th, 2023. It's a great opportunity for us to visit with some of our existing customers, and future partners.