The purpose of this article is just to give you a quick overview of the Materials tab within your LMN Budget.
- Most companies can leave the Materials Tax section at 0% because sales taxes paid on materials are already included in their accounting totals for material spending last year. Only use the material tax section at the top if:
- You pay sales tax on all materials AND
- The cost of sales taxes are not included in your forecast amounts.
- Similar to your Sales Forecast, we recommend breaking your Materials down by Division Type.
- The key number in the materials budget is the Forecast which will indicate your Forecast for the budget year. Your Previous numbers would be from the year prior.