If you purchase items to resell and you keep them in inventory until they are sold, you can add inventory to an item so WorkingPoint can track your inventory before and after every sale. You can add inventory to each item you keep in inventory. By adding inventory, WorkingPoint can keep track of the value of your inventory, number of items in stock, and the costs of the products you've sold.
When you purchase inventory items through a bill, check, or credit card purchase, record the item using the add to inventory feature. This way WorkingPoint can increase the quantity of the item. When you sell the inventory item using an invoice, WorkingPoint decreases the quantity of the item. You always know the current quantity and value of your inventory.
With inventory tracking, you can:
Check the on-hand quantity of an inventory item. At times, you'll want to know how many units of a particular item you have on hand, for example, a customer calls to ask how much you have on hand. You will also see the available quantity when you create an invoice for your items.
Know the value of your inventory at all times. Tracking inventory is also useful so you can know the value of your inventory to help you make business and financial decisions.
Take periodic physical inventory. When you track inventory, you should take a physical inventory count from time to time, or even every month. For various reasons, your actual inventory quantities can get out of sync with the quantities stored in WorkingPoint. This could happen through spoilage, breakage, theft, or data entry errors. If you take a physical inventory, you can adjust the quantities in WorkingPoint to match your actual quantities. How do I take a physical inventory of my products?
How to I start tracking inventory?
How do I add to the inventory quantity of an item?
How do I reduce the inventory quantity of an item?
How do I take a physical inventory of my products?
What is Average Cost?