![]() ![]() Costs of Goods Sold (COGS): You will need to map an expense account.On-hand inventory: You will need to map an asset account.Scroll to Expenses and click Asset under the How do you want to record your inventory purchase? header. To enable posting COGS to Xero from your store:Ģ. If you have voided a sale after you've closed the register, you will need to contact support to have them recalculate and resend your register closure to Xero. Parked and Layby Sales will post to Xero once these sales are closed. As your inventory asset decreases by 'x' amount, Retail POS increases your cost-of-goods-sold by the same amount which will result in a zero dollar balance invoice.ĬOGS will not be calculated on any saved/unclosed sales. This COGS bill invoice will always be a zero dollar invoice. One of them will be the register closure sales invoice, and one of them will be the COGS bill invoice that contains your costs-of-good-sold and inventory assets.ĬOGS calculated on open 'On Account' sales will also post to Xero at the time the sale is made, irrespective of whether payment has been taken. When COGS is enabled, you now have two invoices that are sent to Xero when you close your register. It will also appear as a sum on the register closure summary report. When you make a sale in Retail POS with COGS enabled we will take the cost associated with the products sold and add these values up as part of the register closure. Gain visibility in Xero by viewing how your profit relates to your rent, wages, marketing and other business expenses. It's easy to calculate your gross profit, but more importantly, Retail POS's COGS feature will give you visibility into your business's true financial performance in real-time. This means when you sell a product the costs for the product (COGS) and the revenue from its sale will be recognised in the same accounting period. Once enabled, your COGS will automatically sync from Retail POS to Xero when you close your register and will be recognised when the goods are sold. This could be the purchase price of things you buy or the production costs of the things you make. COGS are only calculated on products with a supply price and inventory.Ĭost-of-goods-sold (or “COGS”) are the direct costs involved in purchasing or making the products you sell. If you don't track supply prices or inventory don't use this feature. ![]()
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