Need suggestion in inventory starting balance

1

Hello i am small shop owner , i am using a software but not happy with that.Planning to switch to manager io , but i have one question. Suppose i have 10 apples in my shop , i want to add it in inventory . is there any option to enter starting balance of inventory ?

second and last question if yes there is an option. Then if i sale that 10 apples and 10 aed so my sale will be 100 aed, in financial statement will it show 100 aed profit or they will deduct cost and will show the remaining in profit.

The reason i am asking is that in some software when you dont upload purchase bill then when you sale the item it shows 100% in profit.

I am sorry if my question is confusing.But really need some help

2

Sure, just go to Settings > Starting Balances > Inventory Items

Sure, you don’t need a purchase invoice to account for unit cost, however, the cost will not be calculated for each invoice, instead it will be calculated when you do Inventory revaluation

2 Likes
3

is there any option to enter starting balance of inventory ?
YES YOU CAN

they will deduct cost and will show the remaining in profit.

4

thanks for your reply, i tried for example i sold apple on 100aed , it put 100 aed on profit without deducting the cost price.

I think it must require a purchase bill to be uploaded then it will understand the cost price

5

You don’t need purchase invoice. Starting balances are enough.

I just tested your scenario and it automatically deducted cost of goods sold. Are you sure you have entered Average cost for your apples when you have entered starting balance?

By default, average cost will be zero. So if you leave it at zero, there will be no cost of goods sold.

2 Likes
6

Love you guy! thanks for explanation it really solved my problem .thanks to all

1 Like