This guide covers:

  1. How do you write off stock in Veeqo?
  2.  How are COGs calculated?
  3. Alongside the physical cost, we have other elements that make up the GOGs including packaging, royalty and a fulfilment house service charge. How do all these get rolled up into COGs?
  4. I have a direct feed from my sales channel into our accounting software, but I still need some information to come across from Veeqo, how can I manage this? 
  5.  How often is data synched to our accounting software

How do you write off stock in Veeqo?

  • You can’t currently write off stock in Veeqo. You would reduce the stock levels in Veeqo to ensure you don't oversell on your platforms but in terms of accounting, this would need to be managed directly in Quickbooks. 

How are COGs calculated?

  • Set cost prices in Veeqo for your products and every time an order is exported, we will create a journal in Quickbooks to decrease your stock value and put into your COGS on your profit & loss in Quickbooks. So you get accurate profits showing in Quickbooks. If you use Veeqo for creating Purchases Orders then we will automatically recalculate the average Cost Price of your products.

Alongside the physical cost, we have other elements that make up the GOGs including packaging, royalty and a fulfilment house service charge. How do all these get rolled up into COGs? 

  • Veeqo, as standard, handles only the average “cost price” to you as a business to purchase the physical product. You would need to either manually adjust the cost price of your products in Veeqo to include any additional costs or periodically add manual entries for any additional costs with regards to order processing.

I have a direct feed from my sales channel into our accounting software, but I still need some information to come across from Veeqo, how can I manage this?

  • If Quickbooks is integrated to Veeqo then we will create Sales Invoices & Payable Bills for Suppliers for ALL Orders and Purchase Orders raised in Veeqo. You cannot select which information is/isn't synced.

How often is data synched to our accounting software?

  • Manual sync, every time you hit the sync button in Veeqo we will push the information across to Quickbooks. We will be adding the option of automatic daily sync in 2020
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