Do I need an Inventory, COGS and Income account for each product I sell?

James_1

We currently have about 50 physical products that we sell, different prices and volumes for each. Does anyone know if it would be best practice to have an Inventory, COGS and Income account for each product we sell or just to keep it at a an Income, COGS and Income level?

Mikeg

@James_1,
Wave cannot do Inventory accounting. So just one account is the standard practice. However, you should have a back up schedule to show how you arrived at you ending inventory. I suggest adjusting inventory only as needed and not every time you sell something. Run all items purchased for resale as Purchases. When you need an accurate inventory on your balance sheet, adjust the inventory balance by adjusting Purchases. Debit or credit each account for the amount needed.