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Cost of Sales - Module Information
Author: ANDY LAMACRAFT Reference Number: AA-01624 Views: 573 Created: 01/09/2016 12:25 Last Updated: 20/07/2017 10:07 0 Rating/ Voters

 

 

MCS-rm Module Information Sheet


Cost of Sales

Module Code:

COSTOFSALES

Information Sheet created:

01/09/2016

Module Description:

·       Cost of Sales is used to delay the cost of purchases to the P&L account until the item is sold.

Cost of Sales is only for Stock items, if the item has been added as an asset then no Cost of Sale transaction will be created as the financial aspects of the disposal will be via the Fixed Assets Depreciation.

·       Enables cost of sale of consumables/spares to be stored on each sale transaction in the balance sheet and posted through to costs when the sales of the article are made thereby matching revenue and costs in the same period in accounting system.

Key Benefits:

·         Improved visibility of the profit and loss for sales consumables and workshop spares used for the workshop or sold.

·         Creates the cost when the item is sold rather than immediately.  

MCS-RM Major Version:

4.0

Installation Pre-Requisites:

None

Hardware Required:

None

Module is enabled by:

A number of settings that switch the required journals on. There are some key decisions that must be made before the module is implemented. See the KB article referenced below.  

Installation Method:

Part of standard MCS-RM installation

Additional Information:

See the related article link at the bottom of the page for more information