Setting Up Cost of Goods Sold (If_Applicable)

If the Project Classification that you selected in Step 2 was WIP or INVENTORY, select a method of COGS calculation on the Manage Cost of Goods Sold screen and provide any additional information required by the formula that you selected.

For example, if you selected a Fixed Monthly Amount as the Calculation Method, you must provide the Fixed Monthly Amount. Additionally, you must set up accounts that have a function code of COST OF GOODS SOLD or WIP TRANSFER (Step 3). This allows for the calculation and posting of COGS.