Managing your Cost of Goods Sold (COGS) accurately is crucial for keeping your bookkeeping in order. With Plugbooks, you can send COGS bills to your bookkeeping system either manually or automatically, ensuring that all your product costs are accounted for. Let’s walk through both methods for sending COGS bills, step by step.
Method 1: Manually Sending COGS Bills
In the manual method, you have the option to either send the COGS bill by itself or along with your settlement. Here’s how to do it:
Step 1: Access your Plugbooks dashboard
First, log in to your Plugbooks account using your credentials.
Step 2: Go to the Settings section
Once logged in, look for the Settings menu button on the left-hand sidebar. Click on it to expand the sub-menu.
Step 3: Open the Settlements section
- In the sub-menu, locate the Settlements button.
- Click on Settlements to open a new page with multiple tabs.
If you want to learn how to add indirect expenses to a settlement, click here for the detailed guide.
Step 4: Go to the Cost of Goods Tab
On the Settlements page, navigate to the Cost of Goods tab. Here, you will see a switch button labeled Turn On COGS.
Step 5: Customize the COGS settings as needed
- Turn on the COGS option.
- Once enabled, the system will display the Cost of Goods Sold mapping from your chart of accounts.
- You can manually select the credit account and debit account.
- Alternatively, you can leave them as default — Plugbooks will automatically create the necessary accounts.
- These accounts will appear in the dropdown menus for selection.
Once you’ve selected or confirmed the accounts, click Save Settings.
Step 6: Access Bookkeeping
Click Bookkeeping from the sidebar menu to proceed.
Step 7: Open Settlements
Click Settlements under the Bookkeeping menu to view your settlements.
Step 8: Submit COGS directly from the Settlement page
- Now that your settings are configured, go to the Settlement Actions section.
- You can send your COGS along with your settlement from there.
- If you’ve already assigned cost to the settlement, sending the settlement will automatically include the COGS bill.
Need help assigning cost to settlements? Check out our How to Assign Cost to Settlement blog for a detailed guide.
Step 9: Submit Only the COGS Entry
If you only want to send a COGS bill without sending the entire settlement, follow these steps:
- Double-click on the settlement or view it from the Actions menu.
- Once inside the detailed view of the settlement, go to the Analysis and COGS tab.
- Scroll down to find the COGS section below the Analysis section.
- Here, you’ll see the Send COGS button. Clicking this will send the COGS bill only, without the settlement.
Method 2: Automatically Sending COGS Bills
If you prefer automation, Plugbooks allows you to automatically send COGS bills along with settlements. For more information on the auto-send feature, visit our detailed Auto Send Settlements Blog.
Here’s how to set up automatic COGS bill sending:
Step 1: Turn On the Auto-Send Feature
Just like in the manual method, you need to enable the COGS switch from the Cost of Goods tab. Once this is turned on, COGS bills will automatically be sent with every settlement, saving you the manual steps.
Conclusion
Whether you choose the manual method or prefer automation, Plugbooks makes sending COGS bills to your bookkeeping system straightforward and efficient. With both options available, you can tailor the process to fit your workflow and ensure your bookkeeping stays accurate and up to date.
For any further help or questions, feel free to contact Plugbooks support or refer to the additional guides in our Help Center.