Rayvat Accounting

Choosing the right accounting services for your manufacturing company can be challenging. You need to balance cost, function, and ease of use to determine the right product to buy. We are going to discuss a few of the options and the elements you need to evaluate before buying your account software. Let us get started by looking at one of the lowest priced options on the market. Rayvat Accounting for manufacturing is one of the lowest priced options on the market and it should be. Our accounting firm has been around since 2007 but our accountants and researchers have decades of combined experience. It is this experience we bring onboard your manufacturing business coupled with extensive resources and flexibility in accounting solutions. A good manufacturing accounting solution , offers a wide variety of modules that can fill most company's needs. We are highlighting the basic features of good software so that you know what is available for your business.  Here are some of the fe...

One important thing we need to understand is the flow of costs through the manufacturing process . The cost flows move from the raw materials account, to the work in process account, to the finished goods inventory account. These three inventory accounts are all balance sheet accounts. Once a product is sold, the cost is moved to cost of goods sold account, which is on the income statement. In fact, when we flash back to Financial Accounting, here's the journal entry to record the sale of products assuming perpetual inventory. Recall it requires two journal entries to record the sale of goods, because we need to record a revenue entry and an expense entry. The revenue entry is a debit to cash or possibly accounts receivable , and a credit to sales revenue. The expense entry is a debit to cost of goods sold and a credit to inventory, or in this case. finished goods inventory. Once the products have been sold, the cost moves from the balance sheet to the inc...