taxomate allows you to calculate the Cost of Goods Sold (COGS) for each settlement period.
Step 1. Enable COGS
Head over to Account Settings, select the Cost of Goods Sold tab, and Enable COGS.
Step 2. Enter Product Costs
You have the option to either enter your product costs with in-line or bulk editing.
OPTION A: In-Line Editing
First select Default Costs in Settings > Default Costs.
If your product name is missing, you can enter the missing name on the left for each respective SKU.
For each SKU that you would like to calculate COGS, enter the cost on the right side.
OPTION B: Bulk Editing
To bulk edit on the Default Costs page select Download Sheet
Enter the respective name (optional) and cost (required)for each SKU. Save the CSV file and upload back into taxomate.
Step 3. Mapping COGS
Similar to Settlements, we map COGS to accounts in QuickBooks/Xero. The total COGS amount for each month is calculated and sent to QuickBooks or Xero.
Go to Settings > Cost of Goods Sold and confirm the Credit and Debit accounts.
Step 4. COGS Settlement Invoice
Before you send off to QuickBooks or Xero, you can update the individual cost of a product for that specific settlement (this will override Default Costs).
Under the Cost column, select the edit button for the SKU that you would like to edit. Change the cost to the custom price for that month. Once you change, the inventory invoice will automatically be updated.
Step 5. Sending COGS Invoice
Once you are ready to send the invoice, on the top right corner of each COGS invoice select Send to QuickBooks/Xero.
OPTIONAL: Automate COGS Invoices
Go to Settings > COGS and select Auto Send COGS Invoice
PLEASE NOTE: For users still using inventory reports, these reports will remain functional for the next three months. After, COGS invoices will display solely within each settlement.