Inventory inside your accounting, costed by FIFO or weighted average
Track stock and its value in every warehouse. Bills add stock, every sale posts its cost of goods sold, and you choose how each item is costed.
Features
Stock and books that always agree
Every bill, invoice and adjustment moves quantity and value together, so your inventory account matches what is on the shelf.
Stock and value in every warehouse
See the quantity on hand and the value of each tracked item, per warehouse. Move stock from one warehouse to another with an inventory adjustment.
Cost of goods sold on every sale
Finalize an invoice, and Wafeq takes the units out of stock and posts their cost of goods sold. Bills add stock and its value the same way.
Sell before the stock arrives
When a sale takes an item below zero, Wafeq values it provisionally. When the stock arrives, the sale is re-costed automatically.
How it works
From the first purchase to the stocktake
Each step updates quantity and value together.
Track the item
Turn on inventory tracking for a product, set its units of measure and choose its costing method.
Buy stock
Record a bill, and the quantity and its cost go into the warehouse you pick.
Sell
Finalize an invoice, and Wafeq posts the cost of goods sold using the item's costing method.
Count
Post an inventory count, and Wafeq values each variance and records it for you.
Costing method
Weighted average or FIFO, item by item
Weighted average is the default. Switch an item to FIFO, and Wafeq keeps each purchase as its own cost layer and costs sales from the oldest units first. Before you save, you see the change in cost of goods sold month by month.
- Weighted average: each sale at the average cost of the units on hand
- FIFO: each sale from the oldest units first
- Applies from a date you choose; earlier sales keep their cost
Stock control
Keep the count right
Correct stock without hand-made journal entries, and bring in opening balances in one go.
Inventory counts
Pick a warehouse and a count date, then enter what you counted. Wafeq works out each variance and values it at the item's cost.
Inventory adjustments
Adjust quantity, revalue stock with a value adjustment, or record opening stock with a quantity and value adjustment.
Import from Excel
Upload opening stock or a full count from a spreadsheet. Wafeq matches your columns, and you review them before importing.
Also included
Reports and details that save time
Everything else your stock needs, in the same place as your books.
Inventory Movement
Every movement in and out of stock, with its quantity and value, by warehouse when you need it.
Inventory Monthly Summary
Each item's quantity and value at the start and end of every month, with what came in and went out.
Units of measure
Buy by the case and sell by the piece. Wafeq converts every line to the item's base unit.
Returns at the right cost
For a FIFO item, a credit note that names its invoice brings the units back at that invoice's cost.
Additional features
Assembly items and manufacturing
Build finished goods from components with bills of materials, production orders and disassembly, all on the same stock.
FAQs
Inventory FAQs
Weighted average, unless you switch an item to FIFO (first in, first out). Each tracked item has its own costing method.
You pick the date the change takes effect from, and Wafeq shows the change in cost of goods sold month by month before you confirm. Sales from that date are re-costed; sales before it keep their cost.
Yes. The stock that goes below zero is valued provisionally, and the sale is re-costed automatically when the next receipt arrives in that warehouse.
Use a count to correct quantities, such as after a stocktake or damage: Wafeq values the variance for you. Use an adjustment when the value is the point, such as a revaluation or opening stock.
Yes. Assembly items, bills of materials, production orders and disassembly work on the same stock. See Manufacturing for the details.
Inventory tracking and multiple warehouses are included in the Premium and Enterprise plans. You can also use them during the 14-day free trial.
Know what your stock is worth
Track every item, and let Wafeq post the cost of every sale.