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Tracking the inventory manually

In SlickPie, for any product or service that you purchase and sell, you have to enter it manually. For this you will need:

 

  1. The inventory which needs to be tracked.
  2. Two Chart of Accounts:

         a. Inventory (Current Asset)

         b. Cost of Goods Sold (Direct Cost Expense)

 

 

Let's say, Paula's Pies purchased water bottles for $500.00 and had a total sale of $50.00. To record the purchase and sale of water bottles, she will need to take the following steps:

 

 

 

Please note Use particular contact name when recording purchase/ sale. If you do not want to track the transactions, you can add 'Daily Sales' as a contact and use that instead. 

 

 

Record the purchase of the inventory

 

1. Add a new inventory and select COA Inventory under Purchase Account. Make sure to select 'Both' under Type as you will be entering the sale of this product too.

 

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2. Create a Bill or Record Expense to enter the purchase of inventory.

 

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Record the Sale of inventory

At the end of the day, Paula will record $50.00 as the sale of water bottles.

 

1. Go to Inventory.

 

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2. Select the inventory sold, that is water bottles.

 

3. Enter the Sales price and select Income as Sales Account.

 

4. Click Update.

 

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5. Create an Invoice or Record Income to enter the sale of Inventory.

 

6. Select the inventory as the product sold.

 

7. Click on Save/ Approve.

 

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Create a Journal Voucher

Now Paula has to create a JV to decrease the amount of inventory sold, that is $50.00.

 

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Now you can check the remaining amount of inventory on the Balance Sheet.

 

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