You need to configure a few settings in your Pipemonk account to track the cost of goods sold. To track COGS using Pipemonk, follow these steps:
- Login to your Pipemonk account. The Pipemonk Home Page is displayed.
Note: If you have multiple integrations in your account, select the one whose settings need to be configured.
2. Select View Logs & Settings.
The Sync page is displayed.
3. Select the Settings tab. The General Settings page is displayed.
4. Select Inventory. The Inventory Settings page is displayed.
5. To enable Pipemonk to generate COGS tracking for your business, set the field Do you want to track COGS? to Yes.
Note: This is a mandatory field.
6. In the Select the "Expense Account" to track product's expenses field, select Supplies & Materials - COGS from the drop-down list.
6. In the Select the "Expense Account" to track product's expenses field, select Supplies & Materials - COGS from the drop-down list.
7. Click Save Changes to save the settings.
You have successfully configured the settings to track COGS.
Note: To learn "How to generate COGS report in QuickBooks Online for your Shopify store using Pipemonk?", click here.