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.
Step-by-step instructions
- Enter the
Name
of your item. - Enter an
Item code
. - Add a
Description
for the item. - (Optional) Add the
Purchase cost
of the item for Wafeq to automatically populate this cost by default when you are recording a bill and thePurchase tax rate
if applicable. - (Optional) Add the
Selling price
of the item for Wafeq to automatically include as a default price when you are creating invoices and theRevenue tax rate
if applicable. - (Optional) Choose the
Revenue account
in which you would like to record your revenue. - Mark the
Track inventory
toYes
to automatically record the quantity on hand based on invoices and bills. - Two accounts will be automatically set by default:
Cost of Goods Sold
as theExpense account
and theInventory Asset
in as theInventory account
.
Inventory costing method
Wafeq’s inventory tracking system recognizes your expense per unit based on the average weighted cost method.