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:
Then at the end of the month i get an invoice from my platform and add the sold products to the invoice:
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.
The calculation is automated in excel, this is a small part but you get the idear:
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:
Then at the end of the month i get an invoice from my platform and add the sold products to the invoice:
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.
The calculation is automated in excel, this is a small part but you get the idear:
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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