• Set up inventory costing

  Turn on average costing, pick the four control accounts, preview opening value, and post the activation adjustment.Few readers

• Inventory costing and landed costs

  A landed cost is what it took to get stock onto your shelf, on top of the supplier's price: freight, duty and handling, and storage if you choose to add it to stock value. Good books add those charges to the cost of the goods instead of expensing them in the month the bill arrives. The units you sell then carry their share into cost of goods sold, and the units still on hand carry the rest on your balance sheet. BooksGPT reads each freight bill you send in, and each storage bill once storage isFew readers

• Sell inventory and post cost of goods sold

  When inventory costing is on, posting an invoice takes stock off the shelf and books its average cost to cost of goods sold. Costing starts off. An owner turns it on under Costing setup. Until then, On hand falls and cost of goods sold does not post. See "Set up inventory costing". Sell it on an invoice Open All pages in the left sidebar, then click Sales and Invoices, then New invoice. Pick the customer in Bill toFew readers

• Track stock quantities

  Tracking stock means BooksGPT keeps a running count of what is on your shelf, product by product. A posted bill adds stock, a posted invoice takes it away, and a count or an adjustment corrects it when the shelf and the books disagree. These are quantities, such as 756.4 lb or 12 each. Turning them into dollars, the inventory value on your balance sheet and the cost of goods sold on your profit and loss, is a separate step an owner takes in [Set up inventory costing](https://help.booksgpt.ai/enFew readers

• Receive inventory on Bills

  Receive stock from a posted Bill, a purchase order, or a captured vendor PDF, then see Inventory costs.Few readers

• Purchase orders

  What you asked a vendor to send, and what is still open. A purchase order never posts to your books.Few readers

• Ask Copilot about inventory

  Ask Copilot what you have on the shelf, which lots, what is still on order, and which freight bills need review. Drop a vendor bill on the chat and Copilot reads it. You still post in the inventory pages.Few readers

• Split a freight or storage bill across your lots

  What a lot of stock cost you is more than the price on the supplier's bill. Getting it to you (freight) and, if you choose, keeping it in a warehouse (storage) are part of its cost too. Adding those charges to the lots they belong to is called landed cost. It matters when you sell. Each lot then carries its true cost, so cost of goods sold includes its share of the freight, instead of the whole freight bill landing as an expense in the month it arrived. BooksGPT reads the bill and proposesFew readers

• Read inventory value, COGS, and margin

  See shelf value, cost of goods sold, gross margin, landed-cost allocations, and whether inventory ties to the general ledger.Few readers

• Return inventory with a credit memo

  When a customer sends goods back, two things happen in your books. The customer owes you less, and the goods are back on your shelf. A credit memo records both at once. The credit takes the sale back out of revenue and out of what the customer owes. Returning the goods to stock puts the units back on your stock count. With inventory costing on, it also puts them back into Inventory at what they cost you, and takes that cost back out of cost of goods sold. No cash moves: if you also give the cusFew readers

• Read product and lot cost history

  Cost history is the running inventory value for one product, in accounting-date order. A purchase raises that value. A sale books the same cost as cost of goods sold. If costing is off, this list stays empty. To turn costing on, see "Set up inventory costing". Open Cost history Open All pages in the left sidebar, then click Inventory and Products & stock. Click the product. Products & stock at the top returns toFew readers

• Import your point of sale's sales history (Clover and other files)

  Bring a Clover or other point of sale item sales file into BooksGPT. Match items, keep periods whole, and read them beside Sales by product/service without changing the books.Few readers