Watch this video on how to track your inventory items or read on below
- Enter the name of your item.
- Enter an item code.
- Add a description for the item.
- Add the purchase cost of the item for Wafeq to automatically populate this cost by default when you are issuing a bill.
- Add the selling price of the item for Wafeq to automatically include as a default price when you are creating invoices.
- Mark the track inventory to yes to automatically record the quantity on hand based on invoices and bills.
- Two accounts are created by default: Cost of Goods Sold in the expense account and the inventory asset in the inventory account.
- Choose the account in which you would like to record your revenue and the revenue tax rate if applicable.
- Indicate the purchase tax rate added to your bills every time you purchase that item.
Wafeq’s inventory tracking system recognizes your expense per unit based on the average unit cost method.
Read on how to create a bill linked to your inventory tracking system.
Read on to see how invoices are associated with your inventory.