Inventory Journal Entries Overview in Foodics Accounting

Inventory Journal Entries Overview

Transfer Sending = Sending inventory via stock transfer operations

• The transfer date and sending branch are mentioned in the title.
• The description field includes the transferred items.
• The Pending Transfers account is the debit side, while the Foodics Inventory account is the credit side.
• The transfer cost is based on the average cost and unit of measurement from Foodics.

Transfer Receiving = Receiving inventory via stock transfer operations

• The transfer date and receiving branch are mentioned in the title.
• The description includes all transferred items.
• The Foodics Inventory account is the debit side, while the Pending Transfers account is the credit side.
• This journal entry appears in Foodics Accounting only when the receiving branch accepts the transferred inventory in Foodics.

Consumption = Cost of Goods Sold (COGS)

• This entry appears per branch and is based on branch sales, recipe configuration, and modifiers in Foodics.
• The COGS account is the debit, and the Foodics Inventory account is the credit.

Waste = Cost of damaged/expired inventory

• The branch and wasted items are mentioned in the description.
• The Inventory Adjustment account is the debit, and the Foodics Inventory account is the credit.

Return from Sales = Returned items from sales

• This is the reverse entry of the COGS entry.
• The return appears per branch, and the accuracy of this entry depends on the cashier’s selection when canceling orders.
• If done properly, both the return and waste entries will be reflected accurately in Foodics Accounting.

Inventory Count = Stocktake

• This entry appears when a manual inventory count is performed in Foodics.
• If there is a surplus, the amount appears on the debit side; if there is a shortage, it appears on the credit side.

Quantity Adjustment = Inventory unit adjustments

• When stock units are increased, decreased, or re-evaluated in Foodics, this entry is created in Foodics Accounting accordingly.