Accounting Integration - FAQs
Overview:
COGS-Well can export invoices to your accounts payable system and ending inventory values or adjustments to your general ledger. Both of these exports will save time and increase accuracy. Below is an overview of these two accounting integration options.
COGS-Well does not set up the accounting interfaces unless you request them. Please be sure to let our implementation team know if you would like one or both of these options. They are standard features in our software and there is no added charge to set them up.
Receiving to Accounts Payable Export:
If you are scanning and uploading invoices via Invoice+ to COGS-Well, you can export those invoices to your accounts payable system (or accounting service provider). The expenses will be automatically coded to your designated GL expense accounts and invoice Images will be included in the export.
If you scan all of your vendor invoices (versus only food and beverage vendors), then all restaurant expenses be exported to Accounts Payable. This approach fully automates invoice processing, saves time, and makes the process paperless.
Invoice Review and Approval:
COGS-Well provides an optional feature for invoice approvals if you want your managers (or an accounting person) to review and approve invoices. Please let implementation@cogs-well.com know if you want to approve invoices as this feature needs to be enabled.
Invoice transaction history is maintained in the COGS-Well receiving feature. You can also control who is given access to this feature and the corresponding receiving reports. There is also a Receiving Exports report that informs you what invoices have been exported and gives you the option to export new invoices (an example is below):
Inventory Counts to General Ledger Export:
If you are recording inventory counts, then you can use COGS-Well to export ending inventory values or adjustments, in credit and debit balance, to your accounting general ledger system. The values or adjustments will utilize your designated GL accounts.
The Exention General Journal provides a way to audit inventory values before export. It lists the ending inventory value for the asset accounts and the credit amounts for ending inventory that should apply to the expense (COGS) accounts. At the bottom of the report, it confirms that the net values are in the credit and debit entry balance. An example is below:
The Extension Adjustment General Journal is a report for accountants who prefer to make net adjusting entries versus reversing entries to the prior period. The general journal adjustment compares the current valuation credit and debit entries to the prior period and calculates the net amount of the adjusting credit and debit entries, to account for the value of the beginning inventory.
Transfer Adjustments:
If you have multiple locations or a commissary and are tracking transfers, you can export transfer adjustments to your accounting general ledger system. Entering Transfers will reduce the inventory quantities and costs in the "From Site" (the Site that sends out the Transfer) and add them to the "To Site" (the Site that receives the Transfer).
The Transfer Journal reports the debit and credit adjustments resulting from transfers made over a selected date range. It is used to audit the transactions before posting them to your General Ledger.
The transfer export feature can save significant time (especially if you have several locations) and it is also much more timely as the exports can be done daily or weekly versus only at the end of a period.
Summary:
The "Receiving to Accounts Payable" export eliminates manual entry and coding of invoices into accounts payable. It saves time and normally increases accuracy. If you scan and upload all of your restaurant invoices, you can fully automate your invoice processing.
The "Inventory Counts to General Ledger" export eliminates making manual entries into your general ledger at period end. It saves time and normally increases accuracy.
The "Transfer Adjustments to General Ledger" export will save significant time (especially if you have several locations) and it is also much more timely as the exports can be done daily or weekly versus only at the end of a period.
