I sell products as a retailer and can add products with retail pricing. How can I use this tool for recording inventory and charging customers less as they buy more quantity?
You mean you give discount to customers who buy in bulk? You just need to manage this manually.
For example, if you give 5% discount to customers who buy more than 10 items of “Widget XYZ”, then enter 5% into discount column on invoice line item.
I thought of the discount thing and thought it would work however the other issue is the Cost of Good in retail and wholesale would also be different.
Any thoughts? MY other suggestion was creating a Wholesale Business and running that differently.
You mean you want to track profit margins on inventory items you sell through retail and wholesale separately?
Yes. For wholesale
Cost of Goods produced and purchased would be different the in retail.
Sale of Goods would be different.
OK, then you need to enable
Tracking Codes and create two divisions:
See: Guides | Manager
I am still trying to figure out how tracking codes will assist me in my case. I am opening two businesses, one retail and one wholesale.
You have however given me a solution that helps me out elsewhere so thanks for that.
Can you please explain how it will assist? I read through the information on the link you provided however I don’t understand. I am new to accounting so please excuse the nature of this question if its simple.
If you have two different businesses that are separate legal entities, then don’t use tracking codes. You will simply need to create two new businesses.
Tracking codes are for dividing single accounting entity into multiple divisions.