Inventory accounting can be done in multiple stages depending on your purchase, processing and selling. i presume your example is direct purchase of finished product and selling at a margin on cash. if so
Inventory purchase Asset: Inventory: Product: Dr 1000 Asset: Current asset: Bank: Cr 1000 Sales Asset: Current Asset: Bank: Dr 840 Asset: Inventory: Product: Cr 600 Income: Profit from sales: Cr 240 so your inventory account will be Dr 400 (cost of your available 4 units) if you have credit transactions, then you need to use Account payable and Account receivable Saludos Cordiales Murugan ________________________________ From: gnucash-user <gnucash-user-bounces+m.muruganandam=hotmail....@gnucash.org> on behalf of Jamie Tolbert <jtolb...@zoominternet.net> Sent: Sunday, May 21, 2023 7:26 PM To: gnucash-user@gnucash.org <gnucash-user@gnucash.org> Subject: [GNC] cost of goods sold, unsold inventory I am slowly wrapping my head around things, kinda stuck on a question about accounting for unsold inventory. Say I bought 10 widgets, for 100 each, my cost of good sold is 1000; I sold 6 for 140 each. My sales is 840, but my cost of good sold is only 600, not 1000, How do I account for the 4 remaining in inventory. _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All. _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
