I have a question for people who do e-commerce or another form of mainly selling products. How do you deal with inventory management? I was re-doing my books for this year and it took a lot of time, this is how i do it in FIFO (first in first out)
I am using a online bookkeeping program whenever i buy stock i add the bought inventory to the invoice like this:![1706478126566.png 1706478126566.png](https://www.thefastlaneforum.com/community/data/attachments/50/50387-84c068ccdfc32129649e0068a580134d.jpg)
Then at the end of the month i get an invoice from my platform and add the sold products to the invoice:
![1706478203642.png 1706478203642.png](https://www.thefastlaneforum.com/community/data/attachments/50/50388-d1deb2b538d21d98f215bbf89c06439a.jpg)
How i calculate COGS:
Count inventory at the last day of the month and compare the difference with last month - newly bought stock.
Use First in first out to acurately calculate the total cost of inventory sold. The red stripes are the productnames. The x means the batch sold out.
![1706478388511.png 1706478388511.png](https://www.thefastlaneforum.com/community/data/attachments/50/50389-e62f69dc0c147fc0897c5679702ae58e.jpg)
The calculation is automated in excel, this is a small part but you get the idear:
![1706478518851.png 1706478518851.png](https://www.thefastlaneforum.com/community/data/attachments/50/50390-25f708a4cbe198d84d956c8fff651ebf.jpg)
Then at the end of the month the bookkeeping program actualizes the inventory.
It works but i feel like there must be an easier way to do this. Can anyone recommend me a good software or a different way to do all this. Thanks in advance!
I am using a online bookkeeping program whenever i buy stock i add the bought inventory to the invoice like this:
![1706478126566.png 1706478126566.png](https://www.thefastlaneforum.com/community/data/attachments/50/50387-84c068ccdfc32129649e0068a580134d.jpg)
Then at the end of the month i get an invoice from my platform and add the sold products to the invoice:
![1706478203642.png 1706478203642.png](https://www.thefastlaneforum.com/community/data/attachments/50/50388-d1deb2b538d21d98f215bbf89c06439a.jpg)
How i calculate COGS:
Count inventory at the last day of the month and compare the difference with last month - newly bought stock.
Use First in first out to acurately calculate the total cost of inventory sold. The red stripes are the productnames. The x means the batch sold out.
![1706478388511.png 1706478388511.png](https://www.thefastlaneforum.com/community/data/attachments/50/50389-e62f69dc0c147fc0897c5679702ae58e.jpg)
The calculation is automated in excel, this is a small part but you get the idear:
![1706478518851.png 1706478518851.png](https://www.thefastlaneforum.com/community/data/attachments/50/50390-25f708a4cbe198d84d956c8fff651ebf.jpg)
Then at the end of the month the bookkeeping program actualizes the inventory.
It works but i feel like there must be an easier way to do this. Can anyone recommend me a good software or a different way to do all this. Thanks in advance!
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