Newbie with a startup business

[Bill Wisse]

On Wednesday 25 August 2004 12:56, Aaron Gaudio wrote:

> >
> > Still new to GnuCash, but couldn't you setup a commodity for each of the
> > items you want to inventory (assuming you aren't walmart, aka have a
> > reasonably small number of items), then supply their current price and
> > store the inventory in terms of number of items? You might (if possible)
> > consider having two commodities, aka one for the current purchase price,
> > and one for the current sale price, assuming you are making a profit. Or
> > does this only work for things such as stock?
>
> IANAA, but unless you actually are talking about a commodity or a
> security, I don't think this would fall under acceptable accounting
> rules, which means it's probably not very useful to do this. Typically,
> I believe inventory is valued at its cost of production up until the
> time you actually sell it (in which it's not inventory anymore, but
> gross income).

Wouldn't that be Cost of goods Sold instead of gross income?

-- 
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/bill at 169 west , 19 south.  
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