How to set up Inventory Aging Product and Report

How can you set up an Inventory Aging Product 

1. Go to your profile icon and click on Settings under company tab

2. Click on Product

3. Click on Inventory Settings

4. Enable the First In First Out then enable Expiry Date then fill in the information.

By entering the expiry date upon receiving the product, we associate that expiry date with the initial purchase cost.

5. Once you're done, go to Product/Services and click Product/Service

6. On Add New, click Normal Product

7. You'll encounter this form. 

8. Create your product as usual, but make sure you filled in both Track and enable Inventory Aging

You want to track the product quantity because it allows us to monitor the total number of this product you have in your inventory. Without this data, the report wouldn't know how much needs to be aged.

The reason you want to track the product quantity in store is because it enables us to track how much of that product is actually available for sale at any given store as this is crucial for the report to differentiate between sellable inventory and potentially unavailable stock.

You have to enable track inventory aging as this setting actually activates thee actual aging process. Once we have the quantity and location, we can track how long each unit of this product has been inventory, forming the basis for the Inventory Aging Report.

9. Once you're done, hit save.

How to view your Inventory Aging Report

1. Click on Reports and View More

2. Find Inventory Aging Report and click on Inventory Aging Report.

3. And you have arrived in Inventory Aging Report.

This report tracks how many items are left and total cost you paid for them (based on when you bought them first). This way, you see how old your stock is and the profit you're making on sales. It might not reflect the exact current value of your inventory, but it ensures accurate cost tracking.