This form allows to rename built-in Inventory on hand account.
To access this form, go to Settings, then Chart of Accounts, then click Edit button for Inventory on hand account.
The form contains the following fields:
There are following fields:
Enter the name for this control account that tracks the value of inventory items in stock.
The default name is Inventory on hand but you can customize it to match your business terminology.
This account aggregates the total cost value of all inventory items across all locations.
Enter an optional account code to organize your chart of accounts systematically.
Account codes help with sorting accounts and can follow your existing numbering system.
Common codes for inventory accounts range from 1300-1399 in many accounting systems.
Select the balance sheet group where this asset account should appear in financial reports.
Inventory on hand is typically classified as a current asset since it's expected to be sold within a year.
The account balance represents the cost value of unsold inventory using your chosen valuation method.
Click Update button to save your changes.