Prepare inventory and review cost of sales

In Management Accounts > Settings, turn on Inventory Business for a managed business that holds inventory.

Every period for that business then requires its applicable operational register activity and an Inventory Tracker.

In Settings > Business structure, choose Inventory cost centers and save business settings.

When Inventory Business is off, Inventory Registers are hidden from navigation.

Saved inventory data is retained and becomes accessible again when inventory is enabled.

Historical Journal Log and Monthly Imports records remain available for audit in WiseWage but are not included in new inventory workbooks.

New inventory templates and manual-entry choices use the selected centers, with separate month-and-cost-center rows.

Select at least one center before downloading a template.

Deselecting a center preserves its saved history; unmatched historical values remain available in the inventory registers.

Existing uploads and accounting history remain accepted and are not filtered by this template preference.

In Settings > Business structure > Inventory Business, select the Inventory Asset and Cost of Sales accounts and Save business settings.

Only active accounts available to the selected business are accepted.

These mappings drive reconciliation and the inventory postings reviewed in Journal Register and Account Activity.

The close modal shows both mappings and links back to Business settings.

Existing businesses must select their accounts before closing; saved historical journals are not changed.

Open Expense Register and choose Purchase Classification.

Use INVENTORY for stock purchases, NON_INVENTORY for general expenses, or INVENTORY_RETURN for a return.

Choose the posting accounts.

• Inventory uses the Inventory Asset account from Business settings.
• Non-inventory uses the selected expense account.
• Choose a Bank/Cash or Accounts Payable counter-account with the appropriate Chart of Accounts classification.

Choose one purchase channel.

• For Inventory or Inventory Return, select Import (IMPORT) or Other Purchases (OTHER).
• Each transaction belongs to one channel.

Review and post the purchase through the normal register workflow.

• Enter new purchases in Expense Register, rather than Monthly Imports.
• Older expense templates need the purchase classification fields before posting.

Select INVENTORY_RETURN in Expense Register.

The Original bill no field appears for this classification.

Enter a positive amount and reference the original posted bill.

• Use the original purchase channel.
• The return reverses the purchase entry; review and post it normally.

Refresh the tracker after posting purchases.

• Purchase totals use eligible posted Expense Register inventory lines for the selected period and cost center.
• Total Purchases equals Import Purchases plus Other Purchases.

Open Details > Other Purchases > Posted purchase detail.

• Review the supporting entries and any retained previous manual amount.
• Uploaded manual purchase totals are kept for review, but are not added to ledger-derived totals.

Check the separate tracker targets.

• Opening stock, Inventory Purchases / Imports, and Closing stock appear separately.
• Eligible posted purchases can appear before the tracker row is complete.

Draft purchases and general expenses are excluded.

• Old 5001 expense debits are not automatically reclassified as inventory.
• Missing opening stock and Closing Stock Confirm values are reported separately.

The manual inventory Month dropdown follows the selected accounting period.

Opening Inventory is filled from the same cost center's previous month closing balance when available in saved history and is read-only.

Correct the previous period through the reopening workflow if that balance is wrong.

Manual opening entry is available when no prior closing balance is recorded.

The Monthly Tracker create form uses the previous closing balance when available, otherwise the saved opening balance for the selected month and cost center.

An available opening balance is read-only; missing opening or closing data does not produce a Cost of Sales amount.

Saving inventory rows fills a missing Company Code from the selected cost center classification; conflicting codes still require correction.

In the Closing Stock Confirm manual-entry form, fields marked with an asterisk are required: Month, Cost Center Code, System Value, and Physical Count.

Select Month, then Cost Center Code before entering the count details.

Closing Inventory is read-only in Monthly Tracker, including the current-period draft and detail panel.

Update the approved value in Closing Stock Confirm for the matching month and cost center, then refresh Monthly Tracker.

Approved Value in Closing Stock Confirm uses Physical Count when entered, including zero; otherwise it uses System Value.

Variance remains blank until both amounts are entered.

A missing confirmation remains blank; a recorded zero is retained.

Total Purchases, Cost of Sales and Gross Profit are calculated and read-only in the Monthly Tracker grid and detail panel.

Import Purchases and Other Purchases are calculated from eligible posted Expense Register inventory purchases; they are not entered in the summary.

Calculated tracker cells are displayed as amounts rather than text-entry boxes; Closing Inventory comes from Closing Stock Confirm.

Saved Monthly Tracker rows, including manual entries, satisfy the tracker source requirement.

Ledger balances do not determine periodic inventory Cost of Sales.

Register cost-center names use the master data loaded with the workspace.

At period close, WiseWage posts the calculated COGS journal: debit the configured Cost of Sales account and credit the configured Inventory Asset account.

Revenue is selling value and cannot establish the cost of goods sold; validated sale-cost evidence is required.

Existing saved and posted records remain visible.

The close review calculates Cost of Sales from entered opening stock plus posted Expense Register inventory purchases less confirmed closing stock.

Closing Stock Confirm establishes the period closing balance.

Ledger balances and journals do not determine the calculation, create an automatic COGS journal, or block the close.

Inventory reconciliation omits empty unassigned month placeholders; unassigned values, including zero, and saved or posted entries remain visible for review.

Editing Opening Inventory recalculates Cost of Sales, Gross Profit and Gross Margin immediately in tracker rows and Details.

Posting or correcting an eligible Expense Register purchase refreshes the calculated purchase totals.

Revenue is calculated from validated and posted Invoice Register sales for the same month and cost center; save or refresh Monthly Tracker after invoice changes.

Download the inventory tracker template for the selected period.

• Later periods in the same fiscal year carry forward previously uploaded inputs.
• The selected month remains ready for entry.

Use Closing Stock Confirm and Inventory Movement Summary.

• The workbook includes Instructions and hidden posted-purchase evidence.
• Each selected inventory cost center has its own tabs, with formulas and relevant saved tracker and stock values.

Keep purchases in Expense Register.

• New workbooks omit Monthly Imports and Journal Log.
• Historical records remain available in WiseWage for audit.
• Review inventory journals in Journal Register or Account Activity.

Review the calculated results.

Inventory Movement Summary combines opening inventory, eligible posted purchases, confirmed closing stock, and revenue to calculate Cost of Sales, Gross Profit, and Gross Margin.

Review one current row per business, financial year, cost center, and month.

• Monthly Tracker also shows one YTD per cost center and a separate Company YTD.
• YTD uses the latest available period through the selected month; older snapshots are never added together.

Expand Saved month versions beneath a cost center.

• Other retained snapshots are labelled by source period.
• This history is read-only and excluded from Export current view.
• Open the original period to correct its values.

The month's own saved record takes priority over carried-forward copies.

• Populated records take priority over blank placeholders.
• The current month uses its editable saved row or an unsaved draft.
• Duplicate snapshots are never added together; records and source files are retained.

Consolidated downloads retain the latest source for each active cost center.

• An older file marked Ignored is excluded only when a newer source exists for that same cost center.
• Another cost center's stored inventory data remains available.

Select the original accounting period.

• Reopen it if closed before making corrections.
• Other months, summary rows, and carried-forward rows are read-only.

Replace an uploaded workbook or use a controlled manual entry.

• Uploaded tracker rows and formula results are protected.
• Manual entries remain editable until period approval.
• Use Monthly Tracker or Closing Stock Confirm for current inventory values; Monthly Imports retains its historical correction workflow.

Let WiseWage calculate formula fields.

Gross Margin equals Gross Profit divided by Revenue and is displayed as a percentage: 0.5007 appears as 50.07%.

Monthly Imports retains dated purchase rows when later workbooks reuse the same row numbers.

Carried-forward copies are matched by their purchase details in both the register and download.

Undated historical summaries retain their original values; an invoice date is never inferred from a monthly total.

Downloads omit a lump-sum monthly import summary only when its NGN amount exactly equals the dated purchase total for the same fiscal year, month and cost center.

Zero-value lump-sum placeholders are omitted from downloads.

Unmatched nonzero summaries remain available; saved records are not deleted.

Blank Monthly Imports entry rows show no cost-center values until purchase details are entered.

Saved history with entered values for unassigned or deselected centers remains visible.

Monthly Tracker and Closing Stock Confirm omit the unassigned section when it contains only empty placeholders.

Stored history is retained; any entered amount, including zero, or other business detail keeps the section visible.

Check Company Code assignments in Cost Centers.

• System-generated Cost of Sales journals inherit the cost center's active Company Code.
• If it is missing, assign it and retry to refresh the existing unposted entry.

Choose Close period to open the inventory review.

• Review opening stock, posted purchases, confirmed closing stock, and calculated Cost of Sales for each cost center.
• Register views group saved rows by cost center.

Correct missing inventory values, then refresh the review.

• Missing values block closing.
• Continue to close becomes available when the required values are complete and opens the final confirmation.

Review the final confirmation and currency translation preview.

• They appear side by side on large screens.
• Confirmation buttons remain visible while you review longer content.

Confirm closing when the review is complete.

• The system-generated journal uses the selected period closing date, including older periods without explicit dates.
• When a reopened period changes, the next close posts a reversal and replacement entry.

Needs Review: required evidence is missing or values do not reconcile.

Ready to Post: reconciliation passes and the period remains open.

Completed: reconciliation passes and the period is Posted, Reports Generated, Reviewed, or Locked.

Refresh after rolling back approval.

• The badge is recalculated from the current reconciliation result.
• The tracker follows an evidence-review lifecycle; it is not posted like an operational register.

Keep the required tracker file for an Inventory Business.

• If it is blank for the selected period, no Cost of Sales or closing-inventory journal is required for that period.
• Reconciliation begins when the tracker contains inventory activity.