Setting up the percentage of Cost of Goods Sold to calculate inventory variance adjustment

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Important reminder!

Product support for Engagement CS is ending on September 30, 2020. See Engagement CS license expiration 2020 - frequently asked questions for more information.

Licenses for Payroll CS, Trial Balance CS, and Write-Up CS permanently expired on March 1, 2017.

Some processes documented in the Help & How-To Center are no longer applicable, due to the discontinuation of Creative Solutions Accounting.

  1. Choose Setup > Automatic Journal Entries.
  2. Enter a reference and description and then select a journal from the drop-down list.
  3. Click the Percentage tab.
  4. In the Calculate from grid, enter the beginning and ending account numbers for the range of accounts that make up your client's sales accounts. Select Current In the YTD/Current column.
  5. Click the Credit option since sales accounts usually carry a credit balance.
  6. On the first line of the Distribute to grid, enter the client's cost of sales account(s) and the percentage, and choose Debit.
  7. On the next line, enter the client's inventory account number(s) and the percentage, and choose Credit.
  8. Press ENTER to save the record.

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