I'm a bit disappointed that Quickbooks Online doesn't have much in the way of cost accounting. The products setup screen does have a field for product cost, but that's it. One field. When I did a google search for cost accounting to see what other people recommend doing, all I got were links explaining how to do job cost accounting for service-based companies. I know it's similar. But not quite what I want. Maybe I'm thinking about it wrong.
What I want to do is to track all costs that go into my products. For example a particular dog toy costs me $12.50 to buy wholesale from the distributor. Shipping it to me = shipping cost for the whole package divided by the number of units in the package, say $1.50 each. When my customer buys it, the box I pack it in cost me $50.00 divided by the number of boxes in that package, say $0.45. I stuff a little tissue in the box so it doesn't rattle around and that cost a few cents. Print the order and the postage on standard sheets of paper, so that's a few cents per sheet. A few more cents for tape to seal up the box and tape on the postage label.
I'm pulling numbers out of my behind, just to illustrate what I'm thinking. After I add all that up, I'd get a figure of like $15.75 total cost to me to sell that dog toy. From there, my pricing spreadsheet can help me make sure I don't sell it at a loss. It would be nice if I could do that in Quickbooks instead of a spreadsheet.
Do other product-based services do all that computation up front and then enter the final number into Quickbooks? Or do you use Excel? Am I working to hard at this or on the right track?
What I want to do is to track all costs that go into my products. For example a particular dog toy costs me $12.50 to buy wholesale from the distributor. Shipping it to me = shipping cost for the whole package divided by the number of units in the package, say $1.50 each. When my customer buys it, the box I pack it in cost me $50.00 divided by the number of boxes in that package, say $0.45. I stuff a little tissue in the box so it doesn't rattle around and that cost a few cents. Print the order and the postage on standard sheets of paper, so that's a few cents per sheet. A few more cents for tape to seal up the box and tape on the postage label.
I'm pulling numbers out of my behind, just to illustrate what I'm thinking. After I add all that up, I'd get a figure of like $15.75 total cost to me to sell that dog toy. From there, my pricing spreadsheet can help me make sure I don't sell it at a loss. It would be nice if I could do that in Quickbooks instead of a spreadsheet.
Do other product-based services do all that computation up front and then enter the final number into Quickbooks? Or do you use Excel? Am I working to hard at this or on the right track?
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