Buying t-shirt at wholesale price, and reselling at higher price
roccodesigns
Member Posts: 2
I buy t-shirts at wholesale price [$3 per unit], and print and make designs on them and resell them at a higher price [$20 per unit]. What are the steps to add that to my accounts? Do I add the value they are worth at wholesale price under my inventory? How Do I account for cost of goods sold?
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You'd just have your items as separate items entirely on the purchases side and the sales side. I know Wave doesn't really do inventory, but there's a workaround on the help centre here: https://support.waveapps.com/hc/en-us/articles/208623546-Simple-inventory-entry-tracking-in-Wave. Might help out a bit.
But yeah, basically, you consider them 2 different items. It makes sense if you think about. You buy your raw material, transform it into saleable goods and then resell.
Do you sell those online, @roccodesigns?
yes, both online and in person @Dante_Bulluck