I am currently facing an issue related to inventory accounting in my software, and I am seeking your expertise and guidance to resolve it effectively.
Here’s a brief overview of my situation:
I recently recorded a purchase invoice for the acquisition of 10 iPhone 15s at a cost of 5,000,000 each, resulting in a total invoice amount of 50,000,000. My expectation was to see the following entries reflected on my home screen:
- Inventory on Hand: 50,000,000
- Account Payable: 50,000,000
However, I have encountered a situation where the 10 iPhones I purchased appear to have been directly categorized as inventory cost (cost of sales) on the profit and loss statement. This is not the desired accounting treatment, and I am seeking assistance to rectify this issue.
I kindly request your assistance in understanding how to correctly record this transaction in my accounting software to ensure that the 10 iPhone 15s are properly accounted for as inventory on hand and that the corresponding accounts payable are accurately reflected.
Your insights and advice will be greatly appreciated as I work to resolve this matter efficiently and maintain accurate financial records in my software.
Thank you in advance for your assistance and support.
