Inventory and COGS accounting | Free template included!

Have you been wondering how to easily reconcile your inventory and COGS?
In this video, one of our experts will teach you how to do inventory and COGS accounting for your small ecommerce business. She’ll be using a template that you can download. This method is for smaller ecommerce sellers with relatively simple inventory and COGS needs.
Link to the Inventory and COGS template - ledgergurus.co...
1:03 - How to compute COGS yourself
2:02 - When you’ll want to get help with COGS from professionals
4:04 - An example of a quantity reconciliation sheet
6:03 - Understanding the differences between calculated and actual end quantity
7:28 - COGS computation
Need help with your COGS accounting? Contact us - ledgergurus.co...
To see our services, click here - ledgergurus.co...
For more related content:
Demystifying Inventory and COGS Accounting for eCommerce Sellers - ledgergurus.co...
Cost of Goods Sold - A Key Number for Ecommerce Businesses - ledgergurus.co...
How to Calculate & Optimize Inventory Turnover for eCommerce Sellers - ledgergurus.co...
How to Calculate & Optimize Inventory Turnover for eCommerce Sellers - • Inventory turnover for...
Accounting for Inventory Purchases | Ecommerce Accounting - ledgergurus.co...
Managing Cash Flow; Through Understanding Your Inventory Cycle -
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• Inventory and COGS acc...

[@LedgerGurus]

Let us know if you need help with your COGS accounting - ledgergurus.com/services/cogs-accounting/.

[@zanderhuynh7998]

When we downloaded inventory report Amazon, there are removal, disposal column…How do we handle them? Those are unit we pay for it. Can we deduct somewhere or count assume Cogs?

[@griseldaguerrero7199]

Thank you so much for sharing your inventory template. Can this template also be used for a small handmade business like for Etsy or Shopify sellers?

[@LedgerGurus]

Absolutely. You can adjust it to fit your needs.

[@purelaxer]

When you are talking about SKUs do you mean the SKU that I created for each product, or the SKU that is associated with the vendor that I purchased the product from?8

[@LedgerGurus]

SKU you created for each product

[@purelaxer]

@@LedgerGurus thank you so much. I figured it out. Thank you for the informative videos too. They are saving my life right now!

[@LedgerGurus]

@@purelaxer so glad! Feel free to let us know if you have more questions

[@Pizza_Hoot]

How do you calculate COGS if you make all one of a kind items? Do you calculate an average?

[@LedgerGurus]

Average costs is super ideal for one-of-a-kind item where the costs across items are about the same.

[@zanderhuynh7998]

Thank for the video. So for the cost shipping to Amazon warehouse after supplier ship to me. Can I add that cost to the product cost?

[@LedgerGurus]

Yes, this would be called the landed costs. If you are moving the landed costs onto the balance sheet they should also be included in the product costs. If you are expensing those fees right away you would not want to include them in the product costs.

[@urielyanez13]

Should I still keep track of my inventory if I have programs that do it for me

[@LedgerGurus]

You definitely need to be tracking it so you can base decisions off good numbers. Just choose the method that works best for you.

[@mariabenjumea8403]

Hi, if I do Amazon FBA Wholesale, do I include shipping, placement and Amazon fees into my COGS ? Thanks.

[@LedgerGurus]

Yes, because all those costs are part of what it costs to sell your products.

[@thewanderfuls5621]

I can't download the template. Keep getting an error message.

[@LedgerGurus]

Hmmm, that's strange. I just checked the automation and it seems to be working properly. Try emailing me directly and I'll get it to you. [e-mail]