When you invoice a tracked inventory item, Wafeq automatically reduces the quantity on hand and the inventory value of the item by the quantity you sold. Wafeq will recognize the expense of the sold items on the Profit and Loss statement using the average cost method.
Learn by watching
Watch this video to see how invoicing for inventory items works, or read on below.
To sell an inventory item:
- Create an invoice
- Choose the item you want to sell from the drop-down menu displaying the items you had created in your inventory.
- Save and send your invoice, or mark it as
- Go back to items and check the updated quantity on hand of your item in inventory. Wafeq also recalculates your inventory value based on the average weighted cost method.
Inventory costing method
Wafeq’s inventory tracking system recognizes your expense per unit based on the average weighted cost method.
When I issue an invoice for an item, the cost of goods are not being recognized
This can happen if:
- You have not set
Track inventoryon the item.
- You do not have any quantity in stock.
- The invoice is still in