Sync COGS to Xero
Overview
Find out how to synchronize your cost of goods sold (COGS) with Xero.
Cost of goods sold (COGS) is the cost you paid for the goods you’ve sold: specifically, it’s the sum of the landed costs of units dispatched in sales orders with:
A Fully Dispatched date,
An Invoice Date, and
A Accounting Invoice Status set to Imported or Do Not Import.
To calculate your business’s gross profit, Xero subtracts COGS from revenue. And to make your COGS available in Xero, you must synchronize your COGS from Cin7 Omni.
At the beginning of each month, Cin7 Omni adds a new COGS transaction to the Adjustments & COGS > COGS tab of your Xero integration dashboard. The value of that transaction stays in sync with the value of that month’s COGS.
When you first sync a month’s COGS to Xero, a matching manual journal is created in your general ledger. That manual journal credits your inventory account and debits your COGS account. If you re-sync that month’s COGS, the matching manual journal entry is replaced.
You can choose how many past months’ COGS to sync (see setting Update Transactions for Number of Past Months). You can't re-sync COGS for months on or before your Xero lock date.
Sync COGS
Log in to Cin7 Omni.
From the Accounting menu in the navigation, open your Xero integration.
Open the Adjustments & COGS > COGS tab. Here you’ll see a new transaction each month once you’ve started generating COGS.
Select Refresh Data, to ensure your COGS are up to date.
Select Update All to sync your COGS. When you re-sync COGS, the original matching manual journal entry is replaced in Xero.
The warning icon next to a month’s COGS means its Date is on or before your Xero lock date. This month's COGS won’t sync.
FAQs
Can I debit COGS to alternative general ledger accounts?
Yes, you can debit COGS to various alternative general ledger accounts. Each month’s manual journal will have multiple line items, and each line item can be debited to a different account.
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- Zendesk publishing.4.log-2014405138.zip30 KB
- Zendesk publishing.4.log-2014405138.zip30 KB
- Zendesk publishing.4.log-2014405138.zip30 KB
- Zendesk publishing.4.log-2014405138.zip30 KB
- Zendesk publishing.4.log-2014405138.zip30 KB
- Zendesk publishing.4.log-2014405138.zip30 KB