How to add Cost of Goods Sold in Modeliks?
In this article, we'll walk you through how to add the Cost of Goods Sold in Modeliks.
🔎 Before you can add the Cost of Goods Sold in Modeliks, you need to add your revenue streams.
Once you have added your revenue streams, you can move on to adding your Cost of Goods Sold.
Step 1
To add Cost of Goods Sold, click on the "Add Cost of Goods Sold" button in Modeliks.
You are prompted to name your Cost of Goods Sold. Let's name it "Books Cost" since we have an imaginary bookstore business. You will also need to specify if this cost is related to any specific revenue stream.
In most cases, the Cost of Goods Sold is related to a specific revenue stream, such as "Books Sales" in our example ✅
Step 2
Next, we need to choose how you want to calculate your Cost of Goods Sold. There are two options available in Modeliks:
- Calculate it as dollar cost per unit sold, meaning a dollar value (or any currency) per unit sold.
- Calculate it as % percent of specific revenue stream.
In our example, we choose the second option "% of specific revenue stream" ✅
Step 3
Once you have chosen the calculation method, an input screen will open. Here, we need to enter the cost per unit in the table at the bottom.
Let's imagine that 30% of the Book Sales revenue stream will cover the book's production cost - Book Cost. Therefore we will enter "30" in the input table for the first 12 months ✅ To finish, we need to click the "Save & Close" button.
⚡The total cost will be calculated automatically by Modeliks because it already knows the number of units sold. This is defined when calculating revenue.
📝 Edit your numbers
Keep in mind that blue-colored numbers are editable right on the spot, black numbers are calculations and the arrow option allows you to paste the value to the end.
Alternatively, you can click on the edit icon that appears when you hover over the cost of goods sold's name to make changes. You can add as many Costs of Sales as you need by clicking the "Add Cost of Goods Sold" button.
By tracking your direct costs, you can make informed decisions about pricing, inventory management, and production efficiency.
❣️For a more comprehensive guide on adding Cost of Goods Sold in Modeliks, we highly recommend checking out the instructional video below. Additionally, there is a video guide on adding revenue that you may find valuable as well.
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