How do I accurately account for new inventory I made (not finished products purchased for resell) at the end of each week?

I manufacture my own product.  I do not purchase finished goods and resell them.  

How do I accurately account for new inventory made each week?


One way is to use a zero Expense-type transaction. First record the purchases of raw materials to a Raw Materials Inventory current asset account, not an inventory type item, assuming you do not need to track raw materials using item inventory tracking. Then when you want to create new finished goods inventory in the books, create the zero Expense-type transaction; in the Item Details section enter the inventory-type item for the finished product, the quantity and the cost per item. You will need to calculate this in a spreadsheet. In the account details section enter the total cost from the Item Details section (qty times unit cost), as a negative, and use the Raw Materials Inventory account. The total of the transaction should now be zero. Save.  
Periodically, maybe monthly, count and value the Raw Materials Inventory account, and compare it to what the balance is in the books. Adjust the book balance with a journal entry, to an Inventory adjustment expense account, so the balance agrees. If the adjustment is large, revise the way you calculate the unit cost in the spreadsheet
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Malcolm Ziman , QuickBooks User

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