Recording custom-made inventory assets

anarchanarch Member Posts: 1

Hi, trying to understand how to enter custom-made inventory, for example art that was custom-made, not purchased. I understand the costs need to be accounted for in the COGS account as an expense and the item needs to be added to the Inventory account as an asset, but how is it recorded? It isn't a purchase or a sale, per se - is it a deposit or a withdrawal?

Comments

  • CharlotteCharlotte Administrator Posts: 693 admin

    Hi @anarch ! With the caveat that Wave isn't ideally equipped for managing inventory right now (it doesn't calculate or track the unit value of inventory for your business), I'd like to get a little more detail in the hopes we can find a workaround. You are recording the expenses, and the asset, what are we missing to get the full picture of this transaction?

    If it's helpful, I can also recommend this guide for inventory tracking in Wave.

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