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- A chart of accounts is a list of all the accounts used by a company to record financial transactions. The inventory accounts in a chart of accounts include12:
- Inventory account: Shows the total value of all the inventory recorded in the system. This is a balance sheet type of account with the usual sub-type being Current Assets in the chart of accounts.
- Cost of Goods Sold (COGS) account: Tracks the cost of the inventory sold during a specific period.
- Purchase account: Records the cost of the inventory purchased during a specific period.
- Sales account: Records the revenue generated from the sale of inventory during a specific period.
Learn more:âś•This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.The inventory account shows the total value of all the inventory recorded in the system. This is a balance sheet type of account with the usual sub-type being Current Assets in the chart of accounts.www.deskera.com/blog/chart-of-accounts/A well-designed chart of accounts includes specific inventory accounts, allowing the company to track the value and quantity of its inventory accurately. This is crucial for preventing stockouts, overstocking, and correctly calculating the cost of goods sold (COGS).vencru.com/blog/guide-to-retail-chart-of-accounts/ - People also ask
Understand inventory assets and cost of goods sold tracking
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