Hi,
We’re seeking clarification on how costs are managed within the system, particularly in relation to Inventory Assembly items. We’ve noticed that there are three distinct cost fields:
Could you please clarify the purpose of each of these cost fields? Do we need to have a figure in each section to get accurate reporting? Additionally, we’d like to understand which of these costs are referenced in various reports, especially those affecting our Cost of Goods Sold (COGS) accounts.
We’re aiming to ensure our reporting and accounting are aligned and accurate. Any guidance you can provide would be greatly appreciated.
Hi @PEstate
I've split your post off into its own thread here so we can get a bit more info from you on this. Are you currently utilising any of the above fields in your file and if so, which reports are you currently using?
Hello,
Yes, we are trying to use all three cost fields, but we aren't confident of the accuracy. It appears that unless updated each time there is a purchase the cost can be incorrect.
The reports we are trying to ensure accurate pricing/reporting on are:
P & L
Inventory Valuation Summary
Gross Margin by Inventory Item
Just following up with this question @Rav
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