Product Costing
chris1_ptsl
Member Posts: 2
The product cost will include the vendor cost + freight + clearing charges etc. How can I enter the product cost and also create separate liabilities for freight service provider etc?
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chris1_ptsl
Member Posts: 2
The product cost will include the vendor cost + freight + clearing charges etc. How can I enter the product cost and also create separate liabilities for freight service provider etc?
Comments
Hi @chris1_ptsl , thanks for your message! You can price your products in Sales > Products & Services and assign them to the income account of your choice. You can create separate liability accounts in Accounting > Chart of Accounts > Add a new account (top right corner)!
Thanks CallieP,
What I need to know is if Wave has the facility where I can enter the 3rd party costs such as customs duty, freight and transport in the vendor bill (of the product supplier) and these other cots to be added automatically to the product cost but separate liabilities will be created to 3rd parties. This facility is available as "freight-in" in some accounting packages.
Hi @chris1_ptsl , thanks for getting back. I'm afraid Wave doesn't have a freight-in feature at this time - but thank you for this idea! In Wave's current state, this action can be accomplished using your liabilities as categories in your transactions. You can split transactions to assign different categories under a single income/expense.
It'd be nice to have a field of what the product you are selling cost you as the business owner. Then you'd have that and the price you are selling for. From there, Wave could potentially have a side bar when working on estimates of what the potential profit of a job looks like. This of course does not apply to a lot of businesses out there, but I'm sure there are many that would benefit from it.
Hey there @DarkSaiyan ! Just a heads up, I have merged your discussion into this one that was posted back in June. Thank you for sharing your product cost ideas with Wave. As you know, this functionality is not currently available. However, we appreciate you sharing your feedback and a use case example. For full transparency, currently this feature is not on the product roadmap. Albeit, this does not mean that it wont be re-considered in the feature!