COGS Tracking in InnoVint
In this session, we provide an overview of our integrated Finance module, demonstrating how to track your costs and visualize your data at any point in time. Topics covered session include:
- An introduction to COGS Tracking and recommended best practices (1:20)
- Onboarding & Entering Starting Costs (both indirect & direct) (8:21)
- Dry Goods Cost Allocation (16:42)
- Cost Removal or Re-allocation (20:47)
- Reporting and Reconciliation (24:32)
- Live Q&A (33:50)
Chat Q&A from this Academy session
Q: Is there any way to value juice press fractions differently?
A: Cost can be reallocated by using Add/Remove Cost actions.
Q: Would most overhead and labor costs come from finance from payroll and other operating expense inputs?
A: Yes. Your accounting representative for your winery should reconcile your accounting software first. From there, you’ll have month end overheads that are attributed to COGS. Those costs go into InnoVint, by category like labor in your example, as an overhead Cost Item.
Q: Is scrap included in case goods cost?
A: Yes, scrap cost is included on the case goods lot.
Q: For the indirect costs, can you have an automated “repetitive cost” added eg. on a monthly basis
A: At this time all indirect cost entries must me made manually. It’s on our radar to enable wineries to map from their general ledger to InnoVint in a more automated way to capture those repetitive allocations. Reach out to the Support Team (support@innovint.us) and we can discuss more!
Q: How far back can we add costs? How many vintages?
A: You can add and edit costs as far back as your InnoVint account goes! :)
Q: Can Packaging Used show the detail of glass, cork, foil etc or does it only show a summary total?
A: The Packaging Used cost category does not itemize each packaging item’s cost, but this information can be found either on the Packaging History Report or the Packaging tab for your Case Good lot.
Q: When adding indirect costs for the previous month (backdated), what happens to lots that have completed bottling actions in the current month?
A: They will not receive those overhead/indirect costs since there was no bulk volume at the end of the month. This is one reason why we recommend reconciling on a monthly basis and not over a longer period of time.
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- Q: I do reconcile monthly (ie. I make the adjustment in May, but backdate it to April 30). We completed the bottling action on May 2, so those lots did have bulk volume as of April 30.
A: In that situation, when there is bulk inventory on April 30, as long as you’ve backdated to 4/30 the lot will appear in your “add cost” lot picker with it’s volume as of that day. So, you will have no problem entering cost.
- Q: I do reconcile monthly (ie. I make the adjustment in May, but backdate it to April 30). We completed the bottling action on May 2, so those lots did have bulk volume as of April 30.
Q: We are a small winery with limited accounting/finance resources. I want to attach the major invoices to the eg packaging “receive action”. There are multiple ways to add that though throughout the different steps of the receive action… where would you suggest to add that attachment (which step?).
A: We recommend attaching BOLs for packaging to the batch that was received.
Q: Is there a way to lock previous months so that cogs and inventory cannot be adjusted? These would be months that accounting has closed for instance.
A: Yes, you can lock backdating for indirect cost item entry from the Settings page.
Finance Definitions
