Name of Feature/Request: Make the SO Profitability include COGS
What financial, time savings, or quality of life improvements will occur from this: Make the SO Profitability include the cost of inventory sold. | Frequency: Multiple times a month. | "The reasoning behind this is that 99% of our POs are done irrespective of a SO (we buy in advance in anticipation of customers needing the inventory), making the report, as it stands, essentially useless for profitability analysis.
The Sales Order Profitability is exactly what we need, except it’s useless in its current state as it doesn’t list out our Cost of Goods Sold. It is ESSENTIAL for it to account for the cost of the inventory that we used and invoiced the customer for - not just the cost of the POs we attributed to this SO. Is there ANY way to make this ‘PO Total’ instead be COGS? 99% of the time we sell something we sell inventory we bought long ago before a SO was ever created, so there’s almost never a time we’d have any amount in the ‘PO Total’/‘Expense’ column. Obviously, that’s a huge problem for us if we want to know how much we make on a sale."
-Daniel
Attempted Solutions So Far: The Sales Order Profitability is exactly what we need, except it’s useless in its current state as it doesn’t list out our Cost of Goods Sold. It is ESSENTIAL for it to account for the cost of the inventory that we used and invoiced the customer for - not just the cost of the POs we attributed to this SO.
Digging deep - Any additional Why behind this request / How was this accomplished before Striven in what system or software: Original Description: How can I make the SO Profitability include the cost of inventory sold, not the POs applied to the SO?
The reasoning behind this is that 99% of our POs are done irrespective of a SO (we buy in advance in anticipation of customers needing the inventory), making the report, as it stands, essentially useless for profitability analysis.
– Task generated via email having the following recipients: chat@task.striven.com
Chat on dondenssales.striven.com
Conversation started on : Wednesday, May 10, 2023, at 12:58 (GMT+0) [12:58] Daniel McLean: Hi, I’m wondering how applying time to an employee’s timesheet affects Striven. It doesn’t seem to show up on the P&L as an expense but I don’t know why not [12:58] Dennis LeCompte has joined the conversation [12:59] Dennis LeCompte: Good morning Daniel! [13:00] Dennis LeCompte has joined the conversation [13:01] Dennis LeCompte: Timesheets are different than a SO or PO. While it is an expense, Striven does not calculate the expense. IE we do not perform payroll funcctions. [13:03] Dennis LeCompte: You can take what happens in payroll and integrate the results into your accounting afterward. [13:05] Daniel McLean: OK, thanks for the explanation. So on the SO profitability it accounts for the labor, but there are no postings to the GL or anything? [13:08] Dennis LeCompte: SO profitability says this costs so much in labor, but in this case, labor is a charge like shipping. Payroll is not involved. If you want to add it to the GL, you would add your payroll results. So if you went to Tom and Jerry’s payroll company, and got your payroll done, you would add those numbers to your GL afterward. [13:12] Daniel McLean: Yep, that makes sense. What we’re trying to do though is get a good handle on profitability of individual sales. It’s nice that Striven shows the labor used on individual SOs, but one piece it’s completely missing is the COGS. Unless I specifically create a PO for an SO (which, 99% of the time NEVER happens as we purchase inventory long before the actual order is placed) it doesn’t seem to display the cost of the inventory we invoiced on the SO. Is there any way to get that to show up? [13:14] Dennis LeCompte: Daniel, let me create a task, and our team can look at this for you. [13:14] Dennis LeCompte: Is that ok? [13:15] Daniel McLean: Ok, thanks [13:15] Dennis LeCompte: Is their anything else I can help you with today? [13:17] Daniel McLean: I’m good, thanks! [13:17] Dennis LeCompte: Have an awesome day Daniel! [13:17] Dennis LeCompte: Thank you for your chat today. If this chat was helpful, please give us a Thumbs Up!! For more great resources, check out our Striven Community: https://APP.Striven.com/ [13:19] Dennis LeCompte has left the conversation No tawk.to live chat account ? Create one for free here!
Added by System as Task Type was changed
Additional Info
Result: Standard Support Question
Community Info: ST/FF type task / No Resource Needed | Previously accomplished: Currently displays the POs applied to the SO.
StrivenID: 3606048