What is "item-level" inventory tracking?
What we call "item-level" tracking is a much more powerful way to manage your inventory and cost of goods sold. It truly aligns your costs with your sales, giving you insight into how much money you're making - for each order and on each item/product.
Seller Ledger provides a couple of ways to track at the item level:
First, when you purchase items for resale and categorize them as inventory, you will see those transactions under the "Balances" tab of Inventory, along with a link to "Add Details" under the Product column.
Clicking "Add Details" will bring up a form to let you enter product/item details for that purchase:
If you have already linked an online sales channel to Seller Ledger, we will already have a list of products you have ben selling. Start typing in the form to find that product, or, if it's a new product, choose New Product from the drop-down list and enter the information.
Note, for large purchases, Seller Ledger allows you to enter some products and save your progress, remembering the remaining amount of the order, so that you can come back later and enter more product information.
When an item sells, Seller Ledger will try to match the order to products in your inventory, first using the SKU value (if entered), and second, using the name of the product. When this happens, you will see a new "transaction" under the Balances tab with a negative amount equal to the cost of the sold product. At the top of the page, the Cost of Goods Sold total will have increased, and the Current Balance will have decreased. All without any additional work on your part.
The second way to track individual items is to do it based on sales of products that have already occurred. You will notice that one of the sub-tabs in the Inventory section is called "Sold". This view provides a list of all product sales that have happened for the chosen year.
Here, you can click the "Add costs" link in the Item Costs column and tell Seller Ledger how much you paid for the item(s). You can find the original purchase of that item and automatically calculate the cost of goods sold and reduce inventory, or, if this item isn't included in your Inventory balance, we will add it based on the purchase date you provide, and then automatically calculated the cost of goods.