Inventory
Product catalog, period-end counts and perpetual tracking with average cost: cost of goods sold writes itself.
The Inventory module is optional: a service business has nothing to set up. For a business with stock, it offers three levels: the catalog, periodic counts and perpetual tracking.
- Catalog: your products and services, with prices and taxes; they prefill invoice and quote lines.
- Periodic count: at period end, record the count (at the lower of cost and net realizable value) and the adjusting entry posts automatically.
- Perpetual tracking: for each tracked product, quantity on hand and average cost update with every purchase, and cost of goods sold adds itself to every sale's entry.
Turn on perpetual tracking for a product
- 1In the Catalog, open the product and enable Track quantity on hand.
- 2Attach a stock account and a COGS account.
- 3Receive stock through purchase invoices: the average cost recalculates on every receipt.
- 4Sell through sales invoices: the entry automatically includes COGS.
The Inventory dashboard summarizes stock value and products below their threshold. Requires the TeeBooks Plus plan.