I have three types of stackable products.
1 - purchase only. in this category, I buy the product, store it in Raw material and use them for production.
2 - sales only. in this category, I use the ref 1 material as raw material and produce new products and sell the finished product.
2- Purchase, sale and manufacturing. in this type of product, the same product sometimes i purchase and sell directly to our customers and sometimes I produce/manufacture this product by using raw material ref 1.
I want to set up automated inventory valuation, please guide me on how i enter the account stock properties (valuation, input, output) and expenses account.
i have the following account in the chart of account;
101-raw material inventory valuation -assets
102 - finish material inventory valuation - assets
103 - work in progress - assets
104 - stock receive - liability
105 - stock deliverable - Cost
106- the cost of goods sold
lets say i used 1) purchase only
valution= 101 raw
input = 104 receive
output = 103 - WIP
FOR SALE ONLY
i used
valuation=102 finish product
input = 103 - wip
output = 106 COGS
expense = 106 cogs
what about produt 3) sale, purchase and manufecture
valuation=?
input =?
output =?
expense =?