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 Inventory 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 the file back into taxomate.

Please Note: Default costs will be applied to all new settlements from the time you apply new default item costs. If you change any of the default item costs, taxomate will apply these costs to all settlements imported from that time forward. If you want to apply default costs to a specific settlement, you can select the refresh button at the bottom of the Cost of Goods Sold tab. If a settlement is already imported, the default costs will not be applied to the settlement unless you click this refresh button.

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 > Inventory 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 > Inventory 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.

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