Neat Trick #1: Calculate your inventory cost of goods sold (COGS) to the penny—without the headaches
Topic: Double-entry Bookkeeping,How-to,Tips & Tricks | Comments Off on Neat Trick #1: Calculate your inventory cost of goods sold (COGS) to the penny—without the headaches
Besides deciding if you have time to take a vacation, what’s the hardest thing about running your business? Probably figuring out the true cost of what you sell. Well, with WorkingPoint you can spend more time on that vacation decision.
Because when you use WorkingPoint, it calculates the current, average weighted costs of all your inventory. So you always have the most accurate cost of goods for your inventory. Sound too good to be true? Try this:
1) Go to your Items List
2) Look at the Avg. Cost column for any item you track inventory for
- Here, WorkingPoint displays the current weighted average cost of one unit of the item.
Look a little closer.
3) Click on the item name to open the item detail page
- The item detail in the top half shows the current inventory information, including the number of units available and the average cost per unit.
- The item activity section in the lower half shows you the history of the item including purchases, sales and adjustments that make up the average cost of the item.
The more time you spend with WorkingPoint, the more ways you’ll find that it can help your business.
For more information on average cost in WorkingPoint, click here.