COGS

1 comment

  • Avatar
    Support

    Hey Bonny!  I know I already replied to your support ticket, but I wanted to leave some information here in case anyone else has a similar question.

    If you're already recording the costs for items as you list them, creating a COGs entry under Accounting>Other Expenses would then be duplicating these expenses.  This is because, when you have entered a buy cost for an item and it sells, InventoryLab tracks that cost on the sale under Accounting>FBA or Merchant Sales.

    The Cost of Goods Sold line your Profit & Loss report is pulling the information from your sales for the selected time period being viewed.  Since entries made under Accounting>Other Expenses are also accounted for on your Profit & Loss report, this would be doubling the expenses for the items that sold.

    We recommend entering the cost/unit for items as you list and/or maintaining them within the Inventory>FBA & Merchant pages in order to get the most accurate information on your reports.

Please sign in to leave a comment.