Costpoint Online Help

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Manage Cost of Goods Sold

Use this screen to establish the Cost of Goods Sold (COGS) calculation method for your project. You can select from 11 COGS calculation methods.

You can create a COGS entry for work-in-process projects using the Create Cost of Goods Sold Entries screen. That entry is created using the calculation method and other variables that are set up in this screen. Work-in-process projects are used when the project’s costs must be capitalized on the balance sheet and portions of the capitalized costs are periodically transferred to the income statement using one of the calculation methods in the screen. Enter data in this screen only if  the selection in the Project Classification field on the Basic Info tab of the Manage Project User Flow is Work In Process or Common Inv.

You must be sure that any COGS setup made at this level of a project coincides with the setup of account numbers that have a function code of Cost Goods Sold and WIP Trans Out in the project’s account group. COGS are posted at the level of a project where the formula resides, and account numbers and related function codes must be available for that posting at the same level. You cannot enter data in this screen unless accounts with the function codes of Cost Goods Sold and WIP Trans Out are set up for the project. Failure to do so results in an error message during the Compute Cost of Goods Sold Entries process. You can review the accounts and their related function codes on the Manage Project Account Groups screen. The account group for the project is assigned in the Account Group field on the Basic Info tab of the Project User Flow.

For additional information on this screen, and on Work in Process projects in general, please refer to "Work in Process."

Use this screen during the initialization of a project, whenever a Cost of Goods Sold calculation is required. Additional maintenance of the data in this screen is required only when one of the variables changes.

This screen is also available as a subtask of the Manage Project User Flow: Cost of Goods Sold Details.