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 on the left menu.

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.

Once you update your Product Costs head over every inventory report you would like to update with default costs, scroll down to the bottom, and select Apply Default Costs.

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.

Once you update your Product Costs head over every inventory report you would like to update with default costs, scroll down to the bottom, and select Apply Default Costs.

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.

You can either use our Recommended Mappings button (on the bottom) OR manually create a Debit and Credit account COGS to be mapped to. 

Once you are done, select Update Mappings on the bottom.

Step 4. Customize Product Costs (Optional)

Before you send off to QuickBooks or Xero, you can update the individual cost of a product for that specific month (this will override Default Costs). 

In Inventory Reports select the month that you would like to customize.

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 report will automatically be updated.

Step 5. Sending COGS Reports

Once you are ready to send the report, on the top right corner of each inventory report select Send to QuickBooks or Send to Xero.


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