Items and inventory
Tracking inventory
Learn how Wafeq can automatically tracks the quantity and value of your inventory.
Step-by-step instructions
- Enter the
Name
of your item. - Enter an
Item code
. - Add a
Description
for the item. - (Optional) Add the
Purchase cost
of the item for Wafeq to automatically populate this cost by default when you are recording a bill and thePurchase tax rate
if applicable. - (Optional) Add the
Selling price
of the item for Wafeq to automatically include as a default price when you are creating invoices and theRevenue tax rate
if applicable. - (Optional) Choose the
Revenue account
in which you would like to record your revenue. - The cost of goods account will be set by default to
Cost of Goods Sold
, but you can change it.
Inventory costing method
Wafeq’s inventory tracking system recognizes your expense per unit based on the average weighted cost method.