COGS is short for "Cost of Goods Sold" which in essence is the claimable direct expense (cost) of creating all products (goods) you have sold within the financial year. The IRS requires all manufacturers to submit this information annually via a form called 1040, or "Schedule C".
Craftybase is a perpetual inventory system designed to provide you with accurate inventory and COGS calculations. Our system uses weighted rolling averages to calculate material usage and increases in inventory with precision: all you need to do is log your purchases and manufactures and CB will tally everything for you. Our calculations are GAAP compliant, using IRS approved methods and are suitable for US based small manufacturers.
We offer a Schedule C guidance report that summarises all the numbers you need for your end of year tax filings.
Create records of each consignee to handle notes and physical address details.
Transfer stock to a location to remove it from your available stock on hand tallies.
Associate orders with locations to see a breakdown of revenue per location.
Material Stock Levels
Manufactures increase your product stock levels while automatically decreasing your material levels. Optionally link to variations for even finer level material tracking capabilities.
Add your batch manufacture codes to our system to allow for tracking your products from manufacture to order.
Configure Batch Quantities
Completely configurable manufacture batch amounts - add a single batch or many all on the one screen.
Customise your Manufactures
Tweak your material list for each manufacture if you need to.
Track Labor Costs
Keep accurate labor cost records so you know how much it cost you to make each piece.