When i check the summary page the inventory cost (under expenses) show a figure that does not relate to kindly advise as to how the system calculates the inventory cost
When you create a Sales Invoice for an Inventory item - two things occur.
It creates an Income Inventory Sales and an expense Inventory Cost
If the inventory item costs 10 each and you sell for 30 each and you sell one item then
Inventory sales shows 30 and inventory Costs shows 10, giving a 20 profit on the sale
thankyou for the prompt reply, after reading your thread i tried backtracking to see where i went wrong and finally found the culprit!
When I created the inventory I accidentally had put the old “Average cost” and it gave me a totally inaccurate figure, I was almost plucking hair off my scalp to get this issue sorted. I hope it would help others in case they get stuck
Thank you mate, great app great support!
This was driving me crazy bc it kept applying the TOTAL inventory sale to my income… so Ive been combing thru this forum for some kind of hint… I had forgotten about the “inventory-cost” being under “less expenses”… thank you!