We’ve created a free template to help you track and manage your inventory and COGS. This method just needs two data points to work effectively: This process of adding a cost of goods sold journal entry looks like: It is the simplest and most straightforward.
This is the method we recommend if you are not using an inventory tool. The ‘Bucket to Bucket’ Method of Tracking COGS in QuickBooks Online Why is Cost of Goods Sold (COGS) Important?.
We’ll discuss three main ways to record COGS: 3 Ways to Record a Cost of Goods Sold Journal Entry We’ll also explore an optional method that can automate most of this process for you! Read on to level up your ecommerce accounting. The good news here is that this is much easier than you might expect. This is a simple, effective way to stay on top of your numbers and maintain predictable, sustainable profit margins throughout each quarter. In this post, we’ll discuss how to record a cost of goods sold journal entry in QuickBooks Online (QBO).
