Hello, Please I’m facing an urgent issue, when I create a new inventory item and try to purchase some of it; the debit goes to the P&L instead of going to the inventory on hand account (it is set as the default inventory account), kindly help as I’m trying to wrap up the third quarter.
My whole reporting is a mess.
As an experienced user you should be familiar with the FAQ - Manager Forum especially:
Be specific. Do not just tell us a feature does not work. Explain what you have done and why you think there is an issue. If your question relates to an apparent software problem (rather than an accounting topic), tell us your operating system (including the version), Manager edition (desktop, server, or cloud), and exactly what you think is wrong. If possible, post screen shots illustrating the problem.
Please provide the essentials to help us peer users to help you!
I created a new business, I created an Inventory Item, I created a supplier, I created a Purchase invoice ----> the purchase invoice keeps debiting my inventory cost (expense account) instead of debiting/adding the items’ value to inventory on hand in the balance sheet!
I’m on the cloud version.
A screenshot is on my original post up.
If you need any further details name them please.
Manager now defaults to Periodic Inventory Valuation, which means that it will record all inventory transactions as expenses until you revalue your inventory.
See this guide https://www.manager.io/guides?inventory-revaluations
The alternative is to reenable Inventory Automatic Revaluation from Settings > Obsolete Features
What about us businesses that wish to use perpetual system (being one of the reasons we reverted to using systems like manager), we keep inventory and we liked the perpetual method
You can do this:
Thanks, this resolved it. please this option needs to stay, so those who wish to use the perpetual method are able to. thank you
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