Invoicing for inventory items
Watch this video to see how invoicing for inventory items works, or read on below.
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.
To sell an inventory item, start by creating an invoice:
- Choose the item you want to sell from the drop-down menu displaying the items you had created in your inventory.
- Wafeq adds the item description and the selling price by default in your invoice.
- Save and send your invoice.
- 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 cost method.