How to Track an Item’s Inventory?

If you want to track an item's inventory so that transactions involving that item, such as invoices, bills and credit notes, reflect its quantity in stock, you need to enable the inventory tracking feature.

To enable inventory tracking for an item in Wafeq, follow these steps:

How to Make the Item Inventory-Tracked?

1. Add a New Item or Edit an Existing Item:

   • From the main menu, select "Items, Services, Inventory", then choose "Items & Services".

   • If you are adding a new item, click on the "Add" button, and if the item already exists, open the item from the item list.

2. Enable Inventory Tracking:

   • In the item creation or editing screen, you'll find a field called "Inventory Tracking".

   • Select "Tracked" from the available options.

   • This links the item to inventory, and quantities will automatically update whenever purchase or sale transactions for that item are made.

3. Set Up the Necessary Accounts:

   • Once you select "Tracked", the system will prompt you to choose an expense account (e.g., sales cost account or inventory account).

   • Choosing the correct account is essential to track the item’s cost and its effect on accounting.

4. Save the Item:

   • After entering all the details and enabling inventory tracking, click "Save" to update the item.

Notes

• When converting an item from "Non-Tracked" to "Tracked", the system will start tracking inventory from the moment of the change. Previous inventory movements will not be tracked automatically.

• Tracked items automatically affect the stock quantity and balance as a result of transactions like purchase and sales invoices.

With this setup, you can manage your inventory effectively and avoid any errors related to stockouts or overstocking of items