Hi.
As a beekeeper, I 'produce' inventory items such as honey, beeswax etc. All these items are essentially zero cost as there is no vendor I am purchasing them from. Additionally, the items have variable sale $ values - for example, 1kg block of beeswax may sell for $30, but if we melt the block of wax and produce 20 candles worth $5 each, the potential sales $ value of that same 1kg of beeswax may be $100.
To account for the different sales $ value, we track inventory items at an estimated dollar value (so we may average beeswax to an estimated $50/kg based on historical data). Is there a way to add items without a purchase cost, whilst still showing the estimated inventory value on reports? (We audit and adjust beeswax inventory monthly).
The same issue applies to other items, such as honey, bees (stock), proposlis, polen, etc... so rather an important issue for our operation...
We tried to 'purchase' the inventory item (e.g. 1kg of beeswax for $50) from ourselves as an "imaginary vendor", and then generate a bill to pay for the order/purchase for the same amount ($50), which then enulls the value, showing as zero in the inventory report... plus it messes up the cost of sales reports etc... Obviously, this has a large impact on the equity valuation of the business, its cashflow position and forecasting.
Any assistance is much appreciated - as to how we can enter the inventory items into Zoho Books or Zoho Inventory and still have visibility of their value, without impacting the cashflow and bills?
Thanks everyone.