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How to show item cost with fees on inventory item list?
Hi,
We receive all our inventory under Purchase Order. The problem we have is that our item library shows the Cost of each item without the fees added in our purchase order, such as shipping. The Cost of Goods Sold report properly reflects the Cost w/Fees. I am working on year end inventory and the Inventory Adjustments I made reflect the Cost w/Fees but my Inventory List I exported has a default cost that doesn't include the fee. So the total cost of my inventory doesn't include any shipping so it isn't matching what I have In QuickBooks. Is there a way to have the fee shown with the cost or am I going to have to change the cost of thousands of items on my Excel export? I have looked everywhere for an answer.
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I am not an accountant , but what if you called your accountant to ask how to move forward on this?
Ask them if they can just use the QuickBooks numbers for Inventory?
Since the Square Cost of Goods Sold report is matching QuickBooks after items are Sold....or aren't they matching?
Since Square is a POS system and not fully an accounting software like QuickBooks, I use Square to track inventory through the POS and bin locations then for my COGS report and financials I use QuickBooks. This way you would not have to spend days weeks or months fixing Square to match QuickBooks. And now for the rest of the year you can enter your COG as the Cost With shipping in Square.
I set up a Google spread sheet where I enter My cost of each item, total shipping Cost and the Total price of the invoice. Then i have a formula setup that depending on the Total value of Item A compared to the total of the invoice it calculates the shipping cost based on $ amount for the total of each Item on the purchase order. Which then breaks it down to a cost per unit. That ends up being my cost per item in Square. Sometimes it is off a little because of rounding in Square but it is usually very close
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Pocono Candle
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