Generating COGS report is very important to know about the health of your business. Since, there is no field available in Shopify to record cost price of a product, you need to generate it manually in QuickBooks Online.
We understand your need and came up with a new feature in Pipemonk product which will assist you generate COGS report in QuickBooks Online.
Here is how you can generate COGS report using Pipemonk:
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To enable Pipemonk to generate COGS report for your business, first you need to configure “Do you want track COGS” setting to “Yes”. (As shown in the below image)
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Choose your “Expense Account” as “COGS” as shown in the below image.
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Save the setting by clicking on the “Save” Tab.
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Now, whenever you run a sync to import data from Shopify to QBO, you immediately need to go to QBO and enter the ‘Cost’ of products in QBO. (As shown in the below image)
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Once done, come back to your Pipemonk account and run the sync again. All your Orders, Products and customers will be synced to QBO.
Now, you need to add Purchase Order and Bill in QuickBooks for the corresponding products.
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Add the purchase Order as shown in the below image.
- Once you click on the purchase order, this is how it looks like:
8. Now add a bill and you need to attach it the purchase order(s). See the below image to check how to do it.
- The bill is empty now. But it has an option to adding purchase order to a bill. (see the right corner of the below image)
- Now after attaching the purchase order to the bill, this bill has some value. (As shown in the below image)
9. Now, all the reports will now show correct data as all the purchase orders are updated and QBO can consider expenses using those purchase orders.
That's it! You have successfully generated COGS report in QuickBooks Online using Pipemonk.
Start using the new feature today and enjoy the benefits of accounting automation.
