e-manageONE manage|ONE has a feature that automates the movement of account postings from WIP to COGS (Cost of Goods Sold) so manual journal entries are no longer required! This Accounting accounting practice is used when you want to recognize your costs at the same time as your revenue.
Setup “Work in Process” Feature in e-manageONEmanage|ONE
Setup WIP Account(s) (other current asset) in your QuickBooks Chart of Accounts. For every COGS account you would use in e-manageONE you would want to have an associated WIP account.
Import Chart of Accounts into e-manage|ONE from the QuickBooks Integration Application (see here for additional information).
Mark account(s) in Chart of Accounts in e-manage as “Use in e-manage”, “Receivable Account” & “Payable Account” (see here for additional information).
Now you will need to assign the WIP account COGS Offset Account to each COG WIP account in the Chart of Accounts within e-manage.
Open the e-manageONE Administrator Application > In the Corporate Division Configuration window select the Drop-Down List Setup tab > Scroll down to select “Product Types” on the left-hand panel. Product Types determine which GL Account to hit at the time of vendor bills and/or customer invoices.
Assign the WIP Account to each Product Type.
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