Question on COGS

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Question on COGS

Postby southtexasarmory » Mon Jan 31, 2011 10:47 pm

Sorry if this is answered somewhere else, but I didn't find anything. I am evaluating RMAN, about to pull the trigger but wanted to know one things before I do.

Generally, when doing bookkeeping you enter stock purchase as being added to inventory. When you make a sale, you send it to sales, then transfer the cost of the items sold from sales to COGS, and anything left over goes in to your profit. I see where RMAN puts stuff in the correct inventory account by setting up the item, and also the proper sales credit when sold. But do you manually have to do the sales to COGS/Profit transfer, or can it be automated? I have a low volume business, so no worries. I just would rather take one more manual step out of the process if I can.
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Re: Question on COGS

Postby sami » Tue Mar 01, 2011 6:13 am

The system will do the COGS for you automatically, but make sure to use either the average cost, last ot FIFO in the Maintenance > System Setup > stock setup screen
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