First of all, please keep your expectations low for now. I worked on this only 8 hours. Probably not even that but it seems to be working. Inventory is available from version 14.2.7
Why use inventory
If you are selling goods, to get the most accurate profit & loss statement, usage of inventory module is essential. Without inventory module, every time you purchase inventory, the cost goes to
Expenses. With inventory module, only sold goods go to
Expenses and the value of unsold goods is kept as an
Other benefits include ability to see quantities of inventory on hand, analyze profitability per inventory item etc.
- Ability to create/edit/delete
- Ability to use inventory items on invoices, quotes and orders
- Automatic valuation of
Inventory on handaccount based on moving average basis
Inventory Movement Reportto break down movements within
Inventory on handaccount
Inventory Profit Marginreport to analyze profitability per each item
How to enable inventory
General Settings and check
Inventory Items. This will add new tab to the side navigation where you can manage your inventory items. Also you will get two new Inventory reports under
How to use inventory
First of all, you will probably want to go to
Inventory Items tab to create at least one inventory item.
To purchase inventory item, simply create new
Purchase Invoice and select account
Inventory on hand, then select inventory item.
To sell inventory item, create new
Sales Invoice and select account
Sales of inventory items, then select inventory item.
If you want to see your current value of inventory on hand, look for
Inventory on hand account on Summary tab or on your
Balance Sheet report.
Inventory on hand account are available through
Inventory Movements report.
If you want to analyze profitability of each inventory item, look at
Inventory Profit Margin report.
Support for inventory adjustments & opening balances
Ability to be able to purchase inventory items with simple Spend money transaction.
Ability to be able to sell inventory items with simple Receive money transaction.
- Add drilling-down functionality to existing reports
- More reports (ideas?)
- Polishing, polishing, polishing…
I’m in the process of writing guides on how to do all inventory tasks such as purchasing, selling, returns to supplier, returns from customer, inventory write-offs, inventory re-valuations etc.