I am actually curious as to how Wave can support inventory. What's in stock and what needs to be ordered (out of stock).
willing to pay if wave provide inventory system
Hello everyone. I started my business on Jan 1 of this year. I have been a collector for a few years, but decided to start selling the items (and reselling new items) as a business. Because of my hobby, I have several inventory items that are from my personal collection (prior to my business). I understand that my inventory must be zero as of the date my business started. My question is: how do I account for these personal items when selling them (or before)? When I sell them, do I add the item into inventory by adding a transaction under Owner's equity for the cost I originally paid (or FMV) and then categorize the sale as COGS? Thanks.
Wave doesn't natively offer an inventory management system. A few of a our users use this workaround to manage their stocks.
To account for that inventory coming from your personal collection, you'd be dealing with the items as if they had been bought from a personal bank account. You can find the process to do this here. You'd just be using the "Inventory" category instead of "Meals and Entertainment" in the example.
how do i manage inventory(finished product produced) of products i manufacture? i hand make organic body cosmetics. my ingredients i treated as expense under cost of goods. how would i treat my final finished product stock say my 100 bottles produced waiting to sell?
Hi, @yvjj and @KingRei.
Wave doesn't currently have an inventory management system. You can find out a bit more as to why in this post.
We do have a workaround that works for some of our users, and you can find it here.
Hi @threeotreats thanks for sharing your feedback and suggestion. You can read up on how Wave plans feature development in this post, along with a little bit about our current roadmap. Feature discussion is also welcome in this category - we're especially interested in hearing about how your business works and how a feature would fit into your day-to-day.
Wave does not have a system for inventory tracking and management. You can find other members of our Community discussing this here, and our existing workarounds in our Help Center.
How do I get a report of the number of products I sold? Example, Product A = 50 units, Product B = 5 units.
Wave doesn't currently have an inventory management system since it was designed with businesses that offer services in mind. We do have a workaround available to account for COGS and for the value of your stock that works for some users, you can find it here.
I tagged you here so you could get a bit more information on Wave and inventory management. I saw your post in another thread and thought I'd bring you here.
In the future, make sure you post your questions and comments under the right Category, so that you can get the best visibility possible.
Please, how do I record purchases? What I've done is to record through Bills. And I choose expense category as purchases. I accept payment through the same page.
However, I noticed if I want to recognize inventory of the same amount using COGS, the credit in COGS will knock off the debit in purchases thereby showing no impact on my Income statement.
I'm not sure if I did it the right way, please clarify
Have you checked the link in my second-to-last reply? It should explain the whole process. Wave doesn't do inventory management, but we do have this workaround available.
You can absolutely record your purchases through bills, but the account should be an Asset Account of your own creation, representing your inventory. You'll also need an expense account for COGS.
The short version of the entire inventory-management process looks like this:
The link goes into a bit more details, but that's the gist of it. Let me know if you have any questions