How to setup raw materials in Biztory

Modified on Mon, 20 Mar 2023 at 10:51 AM

How to setup raw materials in Biztory?

The first thing you need to create a new product in Product/Service for your raw materials.
We sell -for sell (Sales)
We buy - buy in (Purchase)
We track - tracking stock (You can see how many stock in system)
Enable Inventory Journal - Got inventory journal entry record 

Example : Flour (Raw Materials)

When you buy in the product (raw materials) the journal will be
Debit - Purchase
Credit - Creditor

How to record the Product for selling?
You need to create a new product in Product/Service. Example Strawberry cake
You need to set your cost and the selling price. So that system can capture your COGS when you sell the product.
Tick - Enable Inventory Journal

You can set your opening balance for your product. (Finished Goods)

The stock Journal will auto
Debit - Inventory
Credit - Closing Inventory

When you selling your product(Finished Goods) - Strawberry Cake
The Journal will be
Debit - Closing Inventory
Credit - Inventory

System will capture your cost and showing the figure in your profit & loss for your COGS Calculation.
COGS = Opening Inventory+Purchase-Closing Inventory

In the end, you can do the stock adjustment for your raw materials inmonthly/yearly. (You can know how many raw materials you still have .

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