Record a purchase, distribute to stores and catalog items

[Customer Service]

How do I record the purchase, distribution
to stores, and sale of inventory items in order to track
the value of my inventory?

Resolution/Workaround
Follow the instructions below for tracking inventory through the system
in a way that makes the value of your inventory appear on the
Balance Sheet as the inventory makes its way from company asset to
multiple location asset to multiple location cost of good sold.

Modify the steps appropriately if your situation involves a
single location.

1. Purchase inventory from the vendor. Create a vendor invoice that
debits the purchase to a company-wide Inventory account
(an asset account). 21st Century Accounting automatically
credits the Payables control account when you post the vendor invoice.

2. Pay for that purchase with a Payables check (in Quick Checks, Create
Payments, or Manual Payments). 21st Century Accounting automatically
debits the Payables control account and credits the bank account for
the check. At this point, the Inventory account reflects the value of
the items purchased.

3. If inventory is transferred from a central warehouse to a specific store,
make a General Journal entry to transfer the value of the inventory from
the company-wide Inventory asset account (a credit) to store-specific
inventory asset accounts (debits). Since the inventory hasn't yet been sold,
this entry just reflects the distribution of assets to the different
stores. The total value of inventory assets on the balance sheet remains
unchanged.

4. On some regular basis (for example, monthly), you need to account for
how much inventory has been sold. Since 21st Century Accounting does not
currently track cost of goods sold during customer invoicing, the value
of the sold inventory should be transferred (using a GJ entry) from the
store-specific inventory account (a credit) to a store-specific
Cost of Goods Sold expense account (a debit).