Inventory
If you resell physical products, Geekonomics tracks quantity on hand, cost, and the cost-of-goods-sold impact on every sale. Service businesses can skip this page entirely.
Adding an Item
Go to Inventory in the sidebar and click + Add Item. Fill in:
- Name and SKU.
- Cost price — what you pay per unit.
- Sales price — your default selling price.
- Quantity on hand — starting count (you can adjust later).
Inventory items live in their own table. A new system GL account, 1300 Inventory Asset, is created the first time you use the feature.
Manual Adjustments
To correct a count (you found extra in the warehouse, broke one, did a stocktake), open the item and click Adjust. Pick a quantity change (positive or negative), a reason, and save.
Geekonomics posts a journal entry:
- Increase — debit Inventory Asset, credit Other Income (you found value).
- Decrease — debit COGS, credit Inventory Asset (you lost value).
Every adjustment is logged and reversible — delete it and both the quantity change and the JE unwind.
Automatic Movements on Bills
When you tag a line on a bill to an inventory item, the line debits Inventory Asset instead of an expense category, and the on-hand quantity increases by the line quantity. This is how restocks should be recorded — book it as a bill from your supplier, tag the line to the item, and the rest happens for you.
Automatic Movements on Invoices
When you tag a line on an invoice to an inventory item, Geekonomics posts two journal entries on issue:
- The standard sale: debit Accounts Receivable, credit Revenue.
- The COGS hit: debit COGS, credit Inventory Asset for
cost_price × quantity.
On-hand quantity decreases by the line quantity. Voiding the invoice reverses both JEs and restores the stock.
What's next
Bills — most inventory comes in via bills.