Forum Discussion

Archskirt01's avatar
Archskirt01
Experienced Cover User
4 years ago
Solved

New Inventory Item

Hello, We already have items in AccountRight with a variety of either Inventory, Buy and Sell, Or Inventory and Buy Only.     We have about 500 new items to add that we Inventory and Buy Only and...
  • Steven_M's avatar
    Steven_M
    4 years ago

    Hi Archskirt01 

     

    The linked accounts for an item would depend on the options you have selected for the item.

    For example, if you do select I Buy This Item only you would have the option to enter an Expense Account for Tracking Costs. As there would be an expense for buying those items in you have the ability to enter an expense account (or another type of account).

    If you also tick I Inventory This Item (as well as having I Buy This Item ticked), you would only have the option to select an Asset Account for Item Inventory. When you have this setup there is no expense of getting that item into stock as it would place the item directly into the inventory amount. The expense comes when you sell that item (or an item that is built from this one), which is the cost of sales amount.

Steven_M's avatar
Steven_M
Former Staff
4 years ago

Hi Archskirt01 

 

The linked accounts for an item would depend on the options you have selected for the item.

For example, if you do select I Buy This Item only you would have the option to enter an Expense Account for Tracking Costs. As there would be an expense for buying those items in you have the ability to enter an expense account (or another type of account).

If you also tick I Inventory This Item (as well as having I Buy This Item ticked), you would only have the option to select an Asset Account for Item Inventory. When you have this setup there is no expense of getting that item into stock as it would place the item directly into the inventory amount. The expense comes when you sell that item (or an item that is built from this one), which is the cost of sales amount.