Company Settings - Receiving Options

Overview - Receiving Tab:

Receiving is the process of importing and tracking invoices from your vendors, including the details about the Inventory Items that are received. The Receiving Tab in Company Settings includes the options that can be enabled or disabled for Receiving. An example of the Receiving Tab in Company Settings is shown below: 

Receiving Tab - Settings:

Enable Excluding Vendors: This field is enabled by COGS-Well support in situations where we are also importing invoices from vendors that are not food and beverage vendors. Please do not change the status of this field without speaking to COGS-Well support before doing so.

Require Balanced Receipts:  An invoice that is "in balance" means the invoice amount that comes from the vendor matches the distribution total that was entered into COGS-Well. The distribution total in COGS-Well represents the items received multiplied by their quantity received and pack cost, plus any discounts, shipping, tax, or direct GL distributions that are entered. 

If you are not exporting invoices from COGS-Well to an Accounts Payable system, then balanced receipts are not important.

Note: If you are planning on posting invoices to an accounts payable system via COGS-Well, and If this box is checked, an invoice cannot be posted to Accounts Payable if it is not in balance.

If this box is not selected, you can select a Receipt Balancing account on the field above and any out-of-balance amounts will be distributed to the GL Account you select. On the Enter Receiving transaction display, any invoice receipt that is out of balance will display in red on a new "Status" column.  Please see below:

Allow Editing of Exported Receipts: If you do not want invoice receipts that have been exported to Accounts Payable to be editable, then check this box. A System Administrator will still be able to adjust a Receipt, but not other Users.  If you are a Plate IQ user, your Receipts that are imported by COGS-Well will automatically be flagged in the Status Column as Exported.

Enable Receipt Approval: If you are using COGS-Well to export Receipts to accounts payable, and you want your users to approve the Receipts before they can be exported, then click this box. 

Hide Receipts Before a Closed Inventory Count:  COGS-Well provides a "Close Inventory" feature in Inventory>Entry>Close Inventory. This feature makes an Inventory Count Entry uneditable. Checking this box will not display Receiving transactions before a Closed Inventory Count on the Enter Receiving transaction display. Please click this link for more information on Close Inventory.   

Enable Cost Alerts: Cost Alerts will provide a dashboard notification when the cost of an inventory item changes more than a preset percentage amount. Check the box to enable this feature. Please click this link for more information on Cost Alerts. 

Default Cost Alert Trigger Percentage: COGS-Well can generate a dashboard alert when there is a cost change for an inventory item(s) that is equal to or greater than the "Trigger Percentage".  There is also a "Cost Alerts" report in inventory reports.  If you would like to receive cost alerts or to report on cost alerts, enter your desired trigger percentage here.  Please note that you can override the trigger percentage you enter here for selected Inventory Departments, Inventory Categories, or even Inventory Items.

Cost Alert History Days: If you plan to use cost alerts, this is the number of days in history that COGS-Well will look back through new invoice price changes for generating cost alerts. For example, if 14 days is selected then the price of items received over the last 14 days will be compared to historical prices to see if the trigger percentage occurred.

Receiving Tab - Receiving Accounts:

This section is only required if you are going to utilize COGS-Well to export invoices to your Accounts Payable system. Every entry in this column will be a selection from your GL accounts. The Accounting Tab on the far right of Company settings is where you select if you will export invoices to Accounts Payable. The Receiving Tab is shown again below and the Receiving Accounts column is on the right:

Receipt Balancing Account: Select an account from your chart of accounts where your system will post any difference between the invoice amount calculated by the vendor versus the amount calculated by COGS-Well. To calculate an invoice amount, COGS-Well multiplies each Inventory Item by its quantity received and price on the invoice and then totals the invoice. 

Accounts Payable Liability account:  This is the GL account that you utilize for the dollar amounts owed to your Vendors.    

Tax Expense Account: This is the GL account that you expense sales tax to. 

Fuel/Surcharge Expense Account: This is the GL account in which you expense fuel or other surcharges. 

Credit Expense Account: This is the GL account that any credits (cost reversals) will go to. 

Discount Expense Account: This is the GL account that any discounts will go against.  

Save or Exit:  

Select save to save any additions or changes. Select exit to exit the function.