The difference between Cost of Goods Sold (COGS) Invoices and Inventory Sync for QuickBooks in Taxomate lies in their functionality and integration with the QuickBooks inventory system.
What is the Cost of Goods Sold (COGS) Invoices feature in Taxomate?
COGS invoices allow you to calculate the cost of items sold on each platform per payout period and send the total amount as a summarized invoice to your accounting system. This feature uses the average cost method to calculate COGS, which is the cost of items sold minus items returned, multiplied by the cost per unit.
The COGS invoice feature does not integrate directly with the QuickBooks inventory system. Instead, all calculations are done within Taxomate itself, and then the summarized amounts are sent to QuickBooks. These amounts will appear in your profit and loss report and balance sheet.
For more information on COGS Invoices, click here.
What is the QuickBooks inventory sync feature in Taxomate?
QuickBooks inventory sync lets you sync your sales and inventory from Amazon, eBay, Walmart, Etsy, and Shopify directly with QuickBooks' inventory system.
QuickBooks then calculates your Cost of Goods Sold, which you will see within your profit and loss report. You can also run inventory reports within QuickBooks, such as inventory valuation.
You can also use classes to track the profitability of each product SKU in QuickBooks, although tracking SKU profitability requires either the Plus Plan with tracking for 40 products or less or the Advanced Plan due to QuickBooks limitations on classes.
For more details on setting up QuickBooks inventory sync, click here.