Cost of Goods Sold and QuickBooks Online

Finale Inventory has the ability to sync your cost of goods sold to QuickBooks Online. When a sales order ships, Finale automatically updates inventory valuation and calculates COGS based on accurate data to Quickbooks Online.

Please watch the video to learn more about how Finale syncs your COGS to QuickBooks Online. 

Cost of Goods Sold and QuickBooks Online

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Video Transcription

Hi, this is Madison from Finale Inventory and today I’m going to talk a little bit about how Finale can assist with your COGS management with QuickBooks Online. When you ship a sales order in Finale, we automatically sync that data to put books online. So I’m just going to go into a sales order here in my account.

For example, I have shipped a quantity of 75 of my apples and a quantity of 80 of my bananas. As soon as I mark this order shipped in Finale, my inventory valuation decreases, and my cost of goods sold increases. So I can come in here to finale’s accounting tab, our general ledger, and filter down to today’s date.

So I can see here that my inventory account is being decreased because I am shipping those items from that sales order, and I can go to our Cost of Goods sold account and see that this account is increasing respectively for these two products. Finale calculates these cogs based on accurate data that we generate when you create purchase orders in Finale and receive them for various costs.

Finale then is able to finale, is then able to to provide you with accurate costing and therefore gives you an accurate cost of goods sold. And with this data we.

So when a sales order shift finale automatically updates inventory evaluation and calculates cogs based on accurate data, and we then sync this information to QuickBooks Online every five minutes. So now if we go into our QuickBooks account when we run our general leisure report and scroll down to our cost of goods sold section, and we can see that we have our journal entries here.

With our two products and their amounts that correspond to our amounts in Finale. If you have any questions or would like to learn more about Finale’s integration with QuickBooks online, please feel free to reach out to us