Keeping track of inventory

Hello,

Giel from the Dexxter team here!

You only need to count your inventory on 31 December (for a sole proprietor, at least). So on 31 December, you need to count how much inventory you have.What you should – in theory – include in that inventory: all trade goods that you have not yet sold. So regardless of whether you have already edited them, still need to edit them, will never edit them, etc., it doesn't really matter. As soon as you have goods in stock on 31 December that you have not yet sold, you must include that value as inventory. That value does depend on your vAT type, by which I mean:

• Exempted from VAT/not subject to VAT? Then it is the value including VAT, because as an exempted from VAT person you cannot recover VAT, but you can simply include that VAT in your expenses. So then it is including VAT.

• Subject to VAT? Then it is the value of the purchases excluding VAT.

Hopefully that clarifies things a bit :)

I am exploring Dexxter but am considering using it in the future. Is there a way to keep track of inventory throughout the year? I have many different trade goods, so it would help me if I could keep track of the amount of trade goods somewhere in between. Hello everyone

I asked myself the same question. I buy candle wax and candles to put in a candlestick. I still have some wax in inventory. And also finished candles. What price do I enter in my inventory? Here is an example:

• I made a candle from candle wax. That candle is finished and I have it in inventory. I would sell the candle for £10. But the raw materials cost me £2.40. Should I enter 2.40 euros or 10 euros?

Why does this inventory have to be entered, does this affect the costs I incurred this year?

Thank you in advance for your response.

Hi, you have to use the purchase price of your products, not the selling price, to calculate your stock/inventory value... that's what my accountant taught me, anyway...