Track Purchases In Accounts

To calculate COGS, the formula in accounting is as follows:

COGS = Opening + Purchases - Closing

Users can easily find the stock opening and closing balances by referring to the stock balance report, but determining the purchases is more difficult. The account Stock Received but Not Billed can help, but it does not work if the user is using Purchase Invoices with ‘Update Stock’.

To see what you bought in a period, use these reports:

• Purchase Register lists your Purchase Invoices for the period.
• Item-wise Purchase Register shows the same purchases for each item.
• Stock Ledger and Stock Balance show the quantity and value that came into each warehouse.

Open the report you need by searching for its name in iVendNext Desk. Compare the totals for the same period when you check your COGS.