Billing for inventory items

Watch this video to see how billing for inventory items works, or read on below

When you purchase an inventory tracked item, Wafeq automatically increases the quantity on hand and the inventory value of the item.

To record an inventory purchase, start by creating a bill:

1. Choose the item you want to buy from the drop-down menu displaying the items you had created in your inventory. Make sure the item is tracked inventory.
2. Wafeq adds the item description and the purchasing cost by default in your bill.
3. Choose the account to record the purchase for that line item. By default, this would be the Inventory Asset account. You can also specify a different account.
4. Save your bill.
5. Go back to the items sheet and check the updated quantity on hand of your item in inventory. Wafeq also updates the inventory value of the item based on the purchase price and quantity.