It is a utility field for manual cost reports for situational valuation needs. This is field is NOT what Finale Inventory uses for Cost of Goods Sold(COGS). It is not historically maintained, meaning if you change the value of the field today, it affects all records and transactions for any time period when reporting. Accounting cost - This is a static field that you have to update and maintain a value for. Landed cost - The true cost of each product you purchase by determining the total cost for you to acquire that product from the factory floor to your warehouse. This field is transactional and historically maintained. The formula for calculating the weighted average cost is:Ĭost of goods available for sale ÷ Total units from beginning inventory and purchases = Average costįor further explanation on this formula, see here: įinale Inventory does not currently support FIFO, LIFO, or Specific Inventory Item(Serial number) costing methods. It is a complete and separate step from importing and creating your Product Ids(SKUs) and it is also a separate import/transaction from a transaction you use to import your beginning stock levels.ĭON'T PANIC: If you did not import your costs before you proceeded with the implementation of your Finale Inventory account, and you need to correct issues with your costs, not a problem, you may use the Average cost change transaction feature and backdate the transaction to the day you first started with an Effective date.Īverage cost - The system calculated average cost per unit(including landed costs if used) that is the basis for Finale Inventory's Cost of Goods Sold(COGS). This Average Cost Change transaction is a separate imported or manual transaction that you must create. GIVE IT TO ME STRAIGHT! You must use an Average Cost Change transaction to establish the correct COGS and stock valuation for all of your products BEFORE you import or create any sales orders, sales shipments, sales history, stock levels, stock takes, or stock transfers into Finale Inventory. Cost is not stored in a field on the product detail page, it is a calculation by Finale Inventory. Cost is not a value you import when you first create your products/SKUs in the Product catalog table in Finale Inventory. You must establish a valid average cost in Finale Inventory for each and every Product Id(SKU) you create in Finale Inventory before any transaction is entered, created, or imported, otherwise you will not have accurate COGS, Stock valuation, Margin, Profit, or General Ledger/Accounting calculations on your reports, screens, views, analytics dashboard, or exports. IMPORTANT: Cost is a value you import using a specific accounting transaction called an Average Cost Change transaction. Step 5. Reconcile your current open Sales orders and Purchase orders with your stock level in Finale Inventory and go live Map your Product Ids(SKUs) with your Marketplace/Website Listing SKUs and barcodes Step 3. Import/Enter your beginning stock levels for each of your Product Ids(SKUs) Import/Enter your current Average cost per unit for each and every Product Id(SKU) Onboarding and implementing Finale Inventory may be done in five easy steps. We do not permit Web Scraping of Proprietary literature, HTML Structure, Site Structure, Category Structure, and literary details of online e-commerce store products for sale including, but not limited to: Refurbishment Descriptions, Processes, Descriptions, Photos, Terms of Sale, Conditions of Sale, Business Concepts, and Unique Product Content is strictly prohibited from being plagiarized, paraphrased, scraped, web scraped, copied, and web-scraped.Finale Inventory is a great solution to help you track all of your inventory and be able to know what you paid for it and what all of your on-hand inventory stock level is worth, in other words, your total inventory valuation. Representations of and references to brand names, models or parts contained herein are for informational purposes only and are not intended to indicate or imply any affiliation with or endorsement by the manufacturer. OEM trademarks are the properties of their respective owners. Refurbished products are tested and repaired as required to meet the standards of the refurbisher, not the original manufacturer. Products are professionally refurbished by EDR. Manufacturer's warranty is not provided with any items we offer for sale. EDR is offering seller refurbished inventory. (EDR) d/b/a is not affiliated in any way with the manufacturers of our product offerings, nor is EDR an official distributor or reseller of any manufacturers.
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