Moving finance items between Cost of Sales (COS) and Expenses

Keeping your financial records in order is essential for accurate financial reporting and analysis. With Upmetrics, you have the capability to fine-tune your financial data to better reflect your business operations.

If you find that certain costs have been categorized incorrectly, perhaps a direct cost mistakenly logged as an indirect expense, or vice versa, Upmetrics allows you to effortlessly move these items between your Cost of Sales (COS) and Expenses categories.

This guide will walk you through the detailed steps to transfer finance items from Cost of Sales to Expenses, or the other way around, to maintain the integrity of your financial data.

Steps to move Finance Item COS to Expenses:

1

Open the financial forecast module. Choose either the Cost of Sales or Expenses tab depending on where your item is currently categorized.

i.e. let's select the COS stream and move the COS item to the Expenses stream.

2

Click on the three-dot icon next to the finance item you wish to move. This will open a drop-down menu with several options.

From the drop-down menu click on the select “ Change To Expense” to initiate the change.

3

A popup will appear and display the available groups within the destination category (either Expenses or COS).  Click to select the group where you want the item to be relocated.

After selecting the desired group, click the “Move Item” button at the bottom of the popup window.

4

Once moved, verify that the item now appears under the correct category and group under the Expenses stream.

The financial forecast and reports to ensure that the change is accurately reflected in all financial analyses and projections.

Moving finance item Expenses to Cost of Sales (COS):

The steps outlined above for moving a finance item from Expenses to Cost of Sales (COS) are applicable in reverse as well. If you need to move an item from Expenses to COS, simply follow the same process.

Navigate to the Expenses section, select the item you wish to move, and use the "Change to cost of sale" option to relocate it to the appropriate Cost of Sales group. This flexibility allows you to maintain accurate and organized financial records as your business evolves.

Moving Dependent Finance Items:

If you find that certain finance items are linked or dependent on others in your finance, that certain items cannot be moved independently within your financial structure.  If you attempt to move an item that is a dependent (child) of another item (parent), the move will not be processed as expected.

To successfully reorganize these dependent finance items, you must move the parent item to the desired category, either COS or Expenses. This action will automatically transfer all linked (child) items to the new category, whether it’s COS or Expenses.