Step 1. Enable COGS
Head over to Account Settings and select 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
For in-line editing select Product 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.
OPTION B: Bulk Editing
On the Inventory Summary page select Download Sheet
Enter the respective name (optional) and cost (required)for each SKU. Save the CSV file and upload back into taxomate.
taxomate will now automatically start to calculate your respective COGS.
Step 3. Mapping COGS
Similar to Settlements, COGS are mapped to accounts in QuickBooks/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.
4. Updating Settlements
In order to product costs to be updated in a settlement you need to select Sync on the bottom of each settlement.
Alternatively, you can bulk sync your settlements on the main settlement page.
Once, this is complete you can view the COGS within each settlement!