What other questions do you have about inventory? Let us know because we're always on the lookout for more ideas for great videos.
@nelfamanlimos97472 жыл бұрын
Thank you so much. I am a Restaurant Manager/ bookkeeper and landed with an amazon client. Your video really helps me learn e-commerce bookkeeping.
@marygithui36242 жыл бұрын
Thank you so much Brittany! I have learnt so much from your KZbin channel. I am an accountant and my husband and I recently begun selling on Amazon. I had no prior e-commerce accounting knowledge but have been able to learn it all from you guys. Keep up the good job.
@LedgerGurus2 жыл бұрын
So glad it was helpful!
@saqibrahman13362 жыл бұрын
This video of your has really helped me in understanding about COGS. You have really explained in a brilliant way and simplified it. I am really impressed with your way of teaching. Thank you so much!
@kimberlypowers72372 жыл бұрын
I’m glad I found you. I have created and been using a massive spreadsheet with tons of detail, custom skus etc…but I’m at a loss with QBO, and making sure I’m doing everything I need to do. I really need someone to help me pull all this together to a living, breathing tool. I’ve also been looking at A2x and this was a great example of what work it can take away from me and how I can benefit from it.
@LedgerGurus2 жыл бұрын
Kimberly, we have a service where we set up QBO and A2X, sync it to your sales channel, and then teach you how to use them both. If you're interested in learning more, click here - ledgergurus.com/services/qbo-a2x-setup-and-consulting-services/
@sankarbanerjee857711 ай бұрын
Excellent presentation Brittany. Thanks a lot for for your great content.
@LedgerGurus11 ай бұрын
Glad it was helpful! You're very welcome!
@remf3741 Жыл бұрын
fantastic job of explaining!
@LedgerGurus Жыл бұрын
Thank you!
@adityabajaj147 ай бұрын
Great explanation. Very helpful. Thank you.
@LedgerGurus7 ай бұрын
You are welcome! Glad you enjoyed it.
@Michaelthchan Жыл бұрын
Thanks so much , you are so genius.
@LedgerGurus Жыл бұрын
You're welcome!
@jessicavillanueva8448 Жыл бұрын
this video was beneficial, my cost of goods sold and inventory was not cleared by the sales receipts on QBO I don't know why, but I will do journal entries to clear the cost of god sold on merchandise sold. thank you!!
@LedgerGurus Жыл бұрын
No problem! We don’t recommend using QBO to track inventory!
@Team8LA Жыл бұрын
Thank you so much for the lectures. Please show how to record the sales tax and what else do we need to know if the item is said, sold to a foreign country?
@LedgerGurus Жыл бұрын
We only specialize in US sales tax.
@kristinbenbow13052 жыл бұрын
You have the best channel out there on this topic. I appreciate you! QQ--> I'm curious where/when the cost of shipping inbound, FBA fees, selling fees, and marketplace fees gets recorded? Is that handled when you get your payments (transfer) and all the fees show up there and you subtract it from your "revenue". I'm pulling the transaction report and there are tons of fees on there. I'm not sure if I should ignore them when doing the journal entry from inventory to COGS. I would think at least inbound to Amazon, polybags, & boxes would be COGS. The rest of the aforementioned stuff (selling fees, FBA fees) is operational expenses? These are the costs calculated after you get your profit margin???
@LedgerGurus2 жыл бұрын
inbound fees and amazon shipping and all of those expenses are not part of COGS, we recommend using A2X to capture those in a detailed way.
@kristinbenbow13052 жыл бұрын
@@LedgerGurus I'm pretty much a small time shipper at this point. It doesn't make sense to use a to x unless you are at least doing 10,000 a month.
@humminahummina2 жыл бұрын
@@kristinbenbow1305 (10K what?) The way I see it, my time is worth more than the cost of A2X. I pay $40 a month for under 500 orders and it's such a value to me. I'm pretty sure that there's still another tier that is even less expensive.
@nowherebakery78968 ай бұрын
I am a bakery and we do a physical inventory value count at the end of each month but im not sure how to apply that to our books. because we have WIP inventory and finished product inventory Im not sure this method would work for us. Any guidance on a good method/calculation to track COG at the end of each month would be really helpful. Thank you so much
@LedgerGurus8 ай бұрын
We have several inventory and COGS related videos. Here's the playlist - kzbin.info/aero/PL8z_d3aPaZE-n25ANPG09V08UwrpiDB8E. I'd suggest this video to start with - kzbin.info/www/bejne/joSQkqSlZtl5oqc&pp=gAQBiAQB
@brianphillips73462 жыл бұрын
Hi Brittany, thanks for the video. I'm still struggling with my accounting, but just a quick question, the COGs will accumulate in the COGs account throughout the financial year as an expense but what happens when you move to a new financial year will I have to zero the account some how.
@LedgerGurus Жыл бұрын
All income statement accounts automatically close out to the balance sheet at the end of each year if you are using a tool like QuickBooks or Xero.
@lhughescca5 ай бұрын
How do you record shipping? My cost of the inventory includes shipping to me but it's different each time so...? Does the cost just change or do I enter shipping separately?
@LedgerGurus5 ай бұрын
Yes, the shipping cost is part of the landed cost that will be spread across all the items in that SKU.
@IDOutdoors2085 ай бұрын
Hi, I have a question about calculating COGS. FIFO and LIFO seem too complicated for where I’m at and so the simplicity of WAC (weighted average cost) is very appealing. However, the inconsistent use of terminology in various articles / videos I’ve come across discussing WAC has me confused. Is the WAC calculation done for (A) each product in inventory or is it calculated using (B) the total cost of all products in inventory? For example, let’s say I have 500 different products in my inventory. Some products have an average cost of $1 per unit, and other products can average $20,000 per unit. If I were to calculate WAC using (B) the total cost of all products in inventory, then the average cost of one unit of inventory would be around $2,000. Now let’s say I sell a product for $2. My COGS for that sale would be $2,000??? "B" doesn’t seem right. What am I missing?
@LedgerGurus5 ай бұрын
I think you asked a similar question on another video recently. Here's the answer I gave you there: It depends on what you want to know. Are you looking for an overall COGS or do you want to know your COGS by product? If all you want is an overall number, you can average your whole inventory, but that is very inaccurate. You'd get more reliable numbers if you did it by product (Widget A, Widget B, etc.).
@kaylamartin66742 жыл бұрын
When I buy inventory say I spend $2000. When that pulls from my bank account do I assign that to inventory assets? And then follow this video month to month to track cogs?
@LedgerGurus2 жыл бұрын
Yes correct
@jenniferwhite4715 Жыл бұрын
Thank you for this wonderful video which is saving me a lot of confusion! I'm setting up our QBO going back to November '22 when we got our first Amazon sales. I want to use this bucket to bucket method. I can backdate the journal entries, correct? So my first journal entry for this would be dated 11/30/22, to capture the inventory cogs for our first month of sales?
@LedgerGurus Жыл бұрын
Yes, you can backdate transactions. Keep in mind that if the time period has already closed, any backdated transactions will change those financials as well.
@SD-dy4vg Жыл бұрын
Thanks for the helpful video. If the inventory is purchased using a credit card and the credit card is paid over time, how do you recommend assigning this to the inventory account?
@LedgerGurus Жыл бұрын
The full inventory balance will hit the balance sheet at the time the credit card pays for the inventory. The credit card transaction is coded to inventory. The payment of the credit card over time will only pay off the liability of the credit card. it won't affect the inventory balance at all.
@SD-dy4vg Жыл бұрын
@@LedgerGurus Thank you very much
@LedgerGurus Жыл бұрын
@@SD-dy4vg You're very welcome
@user-oe3yd3jl1m2 жыл бұрын
Thanks so much for this! This might be a silly question but how/where do you enter the inventory as an asset is QB to begin with so that you can credit it later? Also is it okay to add cost of product, freight, duties etc to get a landed COG per SKU and enter that as one value under inventory?
@LedgerGurus2 жыл бұрын
Inventory value is created when you enter the purchase order into the system to begin with, same thing with landed cost. If you are doing this after the fact, you can make a journal entry to record the inventory value.
@anaisgh12 Жыл бұрын
So we do a journal entry once a month or per statement? For example, Amazon creates a statement every 2 weeks. Also, which date do I enter, the last day of the month? Last date of statement?
@LedgerGurus Жыл бұрын
Last day of the statement, once a month :)
@SupermarcheFurniture Жыл бұрын
it it better to do the bucket by bucket monthly or can it be done daily too?
@LedgerGurus Жыл бұрын
You can definitely do it daily if you can, but we recommend doing it at least monthly.
@catherinesaranza6267 Жыл бұрын
When I enter invoice transaction, nothing reflects cost of goods sold on P&L Report ? What should I do ? I'm stressed out with my exam 😪
@LedgerGurus Жыл бұрын
Are you paying an invoice or sending an invoice for someone to pay you?
@shakirabdullah5606 Жыл бұрын
Respected sir . We purchase used bottles as Raw materials. And make them pet flakes. As a finished product. We buy raw materials in kg And sell in kg Every time we buy at a different price depends on the market situation. (Same RM) And when we sell finished products with different rates to different parties. So I want to track my finished product availability for sale. For more manufacturing. Means I want to track how much finished product we sell or how much is still available for sale. (In kg) No need to track raw materials WIP etc. But whenever we purchase raw materials we must hit the vendor supplier account as an account payable. And When we sell the finished product we have to hit the customer account receivable . Please need your help for the sake of God. Using QuickBooks enterprise
@LedgerGurus Жыл бұрын
It sounds like you really need a consultant who specializes in manufacturing processes in QuickBooks Desktop. We specialize in QuickBooks Online and Inventory Management Software. Someone we trust and love partnering with is Hector Garcia. I believe he would be able to help you with this. You can check out his KZbin channel at www.youtube.com/@HectorGarciaCPA