I am a new business owner and I am looking for the best way to keep track of my inventory value. I am using Shopify to keep track of physical inventory/product cost/retail cost, etc.
When I purchase my wholesale goods (dry grocery items) I have been putting those transactions in the Inventory account.
my question is, after selling product how do I periodically adjust the inventory to reflect the current value?
What account would I need to use for this?
I am an accounting newbie so any help would be appreciated!
