Hello,
I am attempting to get Odoo set up for a small manufacturing startup and I am in need of some advice on the accounts pertaining to the products we both purchase and sell.
Below are the two product categories that I set up and the account that I setup for them. I am unsure however if I structured them correctly, and I don't have access to an accountant at the moment to ask. Any advice that you could offer would be much appreciated, trying to learn as we go is a daunting process.
Inventory - Components
Account Properties
- Difference Account = Gross Profit
- Income Account = Sales
- Expense Account = Inventory Purchased
Account Stock Properties
- Stock Input Account = Inventory Purchased
- Stock Output Account = Cost of Goods Sold
- Stock Valuation Account = Inventory on Hand - In Progress
Inventory - Finished Goods
Account Properties
- Price Difference Account = Gross Profit
- Income Account = Sales
- Expense Account = Inventory Manufactured
Account Stock Properties
- Stock Input Account = Inventory Manufactured
- Stock Output Account = Cost of Goods Sold
- Stock Valuation Account = Inventory on Hand - Finished Goods
Those all sound right to me.