I have the same product that I sell to several buyers at different prices. To help manage these different prices for the same product I created multiple “inventory items” and inputted the cost price and respective selling price, which works perfectly for my needs.
However now that I have multiple inventory items for the same product it makes it difficult to actually work out how much inventory I have on hand of a particular item is there a way to better manage this?
Most importantly I would like to calculate my profitability, is it possible to simply insert the cost of goods and work out the profit and not worry about inventory?
Thank you for your help.
This is not perfect but the only way to handle this situation would be to put all purchases against one Inventory item, probably the one that’s most frequently sold, then when you sell at the other prices those items will show up with backorders, then periodically transfer the backorders back against the actual stock. Depending on the volumes this could be either manageable or a pain in the butt.
Alternatively, if you don’t want to use Inventory then you could adopt the alternate system of putting all purchases to the P&L and have accounts for opening & closing stock. there are several topics on the forum which have discussed this.
stock opening value
Stock closing balance
I think your first suggestion is a really good idea it is slightly more work but we only have a few transactions every month so it is possible.
I really appreciate the assistance.