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ReportOur COGS at the moment is setup to our Manufacturing Cost where in fact it needs to be setup to be the inventory of items sold cost. How can we go about this change?
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Our COGS at the moment is setup to our Manufacturing Cost where in fact it needs to be setup to be the inventory of items sold cost. How can we go about this change?
Hi,
Have you tried activating things in a costing version?
You need to open your costing version in the inventory module (check the setup section) where you can activate those prices as well.
If you cannot do it there as well, then talk to your system administrators because you might need more user rights.
Best regards,
Ludwig
The "Activate" button is disabled already. I only have "Validate" and "Save" button up.
Hi,
Just activate a new price of $0.
That should fix the issue.
Best regards,
Ludwig
I accidentally activated a cost rate of an item. How do I edit the rate of a cost item?
Hi Stef,
Do you have a demo or test environment?
Probably ask your IT admin guys for that.
If you have that, search for the USMF demo company and then in the inventory module for the costing sheet where you can find some examples.
Best regards,
Ludwig
Where can I access the USMF MS demo?
Hello Stef,
Thanks for sharing the document.
What I got from there is that you want to include let's call it "overhead" in your inventory values / COGS.
This can be achieved by making use of the costing sheet where you can define a kind of surcharge / allocation of that overhead.
As an example, whenever you purchase or produce an item then $x is added on top of the material or labor costs.
To see how this works, have a look at the costing sheet that is available in the USMF MS demo company.
It includes a couple of examples how overhead can be incorporated into your valuations.
Best regards,
Ludwig
No-COGS.pdfHi Ludwig. I attached the file for your reference. There's something wrong with the setup of COGS.
Can you explain what you mean by this?
Many thanks,
Ludwig
Hi Ludwig,
Thank you for your quick response. Our Cost Of Goods sold (Income Statement) should include item cost. Item costs should include the amount (weighted average):
- Raw Materials
- Direct Labor Cost
- Fixed Overhead
- Variable Overhead
Current setup includes item above but not the historical item cost but the cost for the given month.
Can you guide me to which screenshots you would need for better assistance?
Thanks.
Regards,
Stef
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