Account — Inventory - cost

In Manager.io, the InventoryCost account is a built-in account that automatically appears in your Chart of Accounts when you have at least one inventory item. This account records the cost of goods sold for your inventory. While you cannot delete this account, you have the option to rename it to suit your accounting preferences.

Accessing the InventoryCost Account Settings

To rename the InventoryCost account:

1. Go to the Settings tab.
2. Click on Chart of Accounts.
3. Locate the InventoryCost account in the list.
4. Click the Edit button next to the InventoryCost account.

Editing the Account Details

The edit form for the InventoryCost account contains the following fields:

Name

• Description: The name of the account.
• Default: InventoryCost.
• Action: Enter a new name for the account if you wish to rename it.

Code

• Description: An optional code for the account.
• Action: Enter an account code if desired.

Group

• Description: The group under which this account appears on the Profit and Loss Statement.
• Action: Select the appropriate group where you want this account to be presented.

Saving Changes

After making your desired changes:

• Click the Update button to save your changes.

Note: The InventoryCost account cannot be deleted, as it is essential for tracking the cost associated with your inventory items.

Additional Information

• The InventoryCost account is automatically added to your Chart of Accounts when you have at least one inventory item.
• For more information on managing inventory items, see Inventory Items.