Accounting for inventory/stock held

[Maf. King]

On Saturday, 25 March 2017 19:48:48 GMT Chris Serella wrote:
> I'm wondering if I need to account for my inventory/stock pre and post
> manufacture?
> 
> I buy in a bunch of ingredients from various suppliers which I put into
> expenses:supplies (Should this be an asset?)
> 
> once manufacturing is complete I now have stock to sell: Do I complete a
> transfer of the cost price to Assets or do they remain in Expenses?

Hi Chris,

GC doens't track inventory in the sense of numbers of widgets and sprockets in 
stock.  I think you need to learn about "Cost of Goods Sold" or COGS accounts.  
I don't know much about them, beyond it is how one accounts for manufacturing 
processes...

HTH,
Maf.