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Items and inventory

Tracking inventory

Learn how Wafeq can automatically tracks the quantity and value of your inventory.

Learn by watching

Watch this video on how to track your inventory items or read on below.

Tracking inventory

Step-by-step instructions

  1. Enter the Name of your item.
  2. Enter an Item code.
  3. Add a Description for the item.
  4. (Optional) Add the Purchase cost of the item for Wafeq to automatically populate this cost by default when you are recording a bill and the Purchase tax rate if applicable.
  5. (Optional) Add the Selling price of the item for Wafeq to automatically include as a default price when you are creating invoices and the Revenue tax rate if applicable.
  6. (Optional) Choose the Revenue account in which you would like to record your revenue.
  7. Mark the Track inventory to Yes to automatically record the quantity on hand based on invoices and bills.
  8. Two accounts will be automatically set by default: Cost of Goods Sold as the Expense account and the Inventory Asset in as the Inventory account.

Inventory costing method

Wafeq’s inventory tracking system recognizes your expense per unit based on the average weighted cost method.