The Edge
Increase Your Bottom Line and Profitably Manage Your Inventory with The Edge
WHAT IT IS
The Open to Buy wizard is a powerful tool that allows you to plan forecast buys.
WHAT IT DOES
It creates an entire purchasing schedule for a store's upcoming sales period based on past data, sales estimates, amount of inventory in stock, and inventory on order.
HOW IT WORKS
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Begin by selecting Inventory > Buying Tools > Open to Buy. After completing the fields in each step, select Next.
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Fill in the data for Dates
Starting: List the starting date for the proposed buy period. Must be in the future.
Ending: List the end date for the proposed buy period. Must be in the future.
Include Special Orders: Check if including special order data in the output.
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Fill in the data for Sales Estimates.
Buy Period: Lists the time periods entered in step 2, but for previous years’ sales.
• Total COGS: Total cost of goods sold for the listed period for previous years’ sales.
• Special Orders: Total COGS from special orders for previous years’ sales.
• Repeat Sales: Total COGS from repeat sales for previous years’ sales.
• Net COGS: Net cost of goods sold for previous years’ sales.
• (COGS) Sales (estimate): The Edge’s prediction’s, excluding special orders and repeat sales. The default value will be weighted according to the previous three years of buying periods.
Interim: Time period between today and the start of the target period but for previous years.
• Total COGS: Total cost of goods sold for the listed period but for previous years.
• Special Orders: Total COGS from special orders but from previous years.
• Repeat Sales: Total of COGS from repeat sales but for previous years.
• Net COGS: Net cost of goods sold but for previous years.
Estimate: The Edge’s summary of what to spend, excluding special orders and repeat sales. The default value will be weighted according to the previous three years of buying periods
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Select Finish to generate the report.
Starting: List the starting date for the proposed buy period. Must be in the future.
Ending: List the end date for the proposed buy period. Must be in the future.
Include Special Orders: Check if including special order data in the output.
Buy Period: Lists the time periods entered in step 2, but for previous years’ sales.• Total COGS: Total cost of goods sold for the listed period for previous years’ sales.
• Special Orders: Total COGS from special orders for previous years’ sales.
• Repeat Sales: Total COGS from repeat sales for previous years’ sales.
• Net COGS: Net cost of goods sold for previous years’ sales.
• (COGS) Sales (estimate): The Edge’s prediction’s, excluding special orders and repeat sales. The default value will be weighted according to the previous three years of buying periods.
Interim: Time period between today and the start of the target period but for previous years.• Total COGS: Total cost of goods sold for the listed period but for previous years.
• Special Orders: Total COGS from special orders but from previous years.
• Repeat Sales: Total of COGS from repeat sales but for previous years.
• Net COGS: Net cost of goods sold but for previous years.
Estimate: The Edge’s summary of what to spend, excluding special orders and repeat sales. The default value will be weighted according to the previous three years of buying periods
- Select Finish to generate the report.
EXPAND YOUR EDGE EDUCATION
Can’t get enough of our Open to Buy wizard? Click the button below to launch The Edge User site. Log-in for detailer articles, including how to interpret the generated results of the Open to Buy report. Then stick around to explore the site and empower your business through additional webinars, articles from The Edge Knowledgebase, or discussions with fellow Edge users.
