Tying Items to the Chart of Accounts (Part 2)

Last week we began this portion of our Inventory series by looking at proper categorization and accounting for Inventory Items, Inventory Assemblies and Service Items. We examined the role of the various Inventory Asset Accounts like Raw Materials, WIP and Finished Goods, along with the related Income and Cost-of-Goods-Sold accounts. We learned that setting-up items properly and mapping them to the proper chart-of-accounts is essential for the long-term financial reporting required by inventory-centric businesses.

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Tim Grant

Tim Grant is a software consultant who helps small to mid-market businesses streamline inventory, manufacturing, and transportation operations using QuickBooks and integrated third-party solutions. With deep expertise in ERP and MRP systems, Tim focuses on solving inventory challenges, guiding software selection, and ensuring smooth implementations—without the high cost or complexity of large ERP systems.

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Topics from this blog: Premium Inventory non-inventory items Chart-Of-Accounts Change Accounts