In SlickPie, for any product or service that you purchase and sell, you have to enter it manually. For this you will need:
- The inventory which needs to be tracked.
- 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.
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.
2. Select the inventory sold, that is water bottles.
3. Enter the Sales price and select Income as Sales Account.
4. Click Update.
6. Select the inventory as the product sold.
7. Click on Save/ Approve.
Create a Journal Voucher
Now Paula has to create a JV to decrease the amount of inventory sold, that is $50.00.
Now you can check the remaining amount of inventory on the Balance Sheet.