In inventory management, and in the real world, it is crucial to know the price a product is paid for to be supplied by the product suppliers. So with this in mind, the newest versions of our WooCommerce extension allow the user to set a purchase price for each product in WooCommerce which is synchronized with the respective field in Megaventory (Default Purchase Price).
How to set the purchase price (cost of the product to be supplied by your supplier) step by step
Go to the WooCommerce administration panel and find or create a product
In the pricing area of the product (where you can define also the regular and sales prices) you will find an additional field with the label "Purchase Price".
Fill in this field using the regular price formatting rules.
Fill in any additional information that is required (such as SKU, Description, etc).
Save the product.
Note: If the product has already been created in Megaventory, the purchase price and the other price fields will not synchronize to Megaventory. This is done because our extension prioritizes the pricing that exists in Megaventory and not the one that exists in WooCommerce, thus you can only change this (along with other pricing information) in Megaventory. However, in cases you have no prior purchase pricing information in Megaventory about this product, this feature helps to set the initial purchase price correctly.
In general, for product creation, it is best to have a purchase price defined in order for Megaventory to calculate a more accurate value of your inventory.
If you have any further questions, feel free to ask us via the live chat support.