I was wondering if there is a way to track the value of items that i have in stock as assets when they are items that i ‘create’.
So in this example, i purchase jars and lids and then i use a production order to assemble the jars, lids and honey that we produce in to inventory items that i then sell.
However, when i look at the assets on the balance sheet i only see the value of the jars/lids, not the value that they will be sold at.
so, 1, is that the right way of dealing with items such as honey or other crops. and 2, is there a way to have the inventory asset value of those items show up on the balance report.
The inventory on hand value shown in the summary page is the sum of the average price of all inventory items on hand.
if your summary shows only the jars/lids and not the value of honey, then it may be possible that you have not mentioned a price for specific unit of honey in the inventory.
you might be just selecting it as an inventory item when making the production order.
Yeah, so in my production order i just have 115 lids and 115 jars producting 115 bottles of honey so Manager.io doesn’t even know it is there.
Should I be tracking the honey as a inventory item and then include that in the production order that creates the jars? I could do a production order that takes no input and generates 100 lbs of honey for example.
I don’t have a purchase price since it was produced on the farm, and I sell the honey jars at a certain price so I don’t really have a unit price for the honey.
Just trying to wrap my head around how to track things that are not purchased and resold (ie. cost of gods sold) but rather grown or produced out of “nothing” (not counting all the labor, etc.).
You can, but it would be quantity only at a zero value. Create a Supplier called Farm Honey and then create a Purchase Invoice using the Inventory Item “Bulk Honey”, enter a quantity with a zero unit value.
Then in your Production Order you would add the Bulk Honey used as an input.
Generally agriculture production (market garden produce etc) has a zero value until sold.
EG - if you sold the Bulk Honey as Bulk Honey, you would only have Sales and no Cost of Goods Sold
So putting the Bulk Honey into jars doesn’t change this