Entering invoices from suppliers that relate to tracked inventory items

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Reckon Hosted - When entering invoices from a supplier of inventory items, previously the invoice was expensed to just cost of goods sold for the total.   
We are wanting to track the inventory of each item so I have started processing each inventory line item on the items tab.
How does this then get expensed on the expense tab to balance the process?
I know it is simple I just cannot get it right in Reckon.

Thankyou
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Carina Gazzard

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Posted 1 month ago

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Adrian

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Hello Carina

It will depend on how you have set up the item.

If the item has been set up as an inventory item, it will have 3 accounts linked.
Sales account, Cost of Goods Sold account and an Inventory account.

When you enter in the bill the item will put the cost to the Inventory account.

Only when you sell the item, Reckon will do an entry to remove it from Inventory and allocate to the COGS account.

So check how your item is set up, and what linked accounts has been used in your items.


Adrian
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Carina Gazzard

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Thanks so much Adrian. 
I will go through and have a look at them.

Carina