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Inventory Asset Account

edited Jul 19, 2022 8:53PM in Ask A Guru 3 comments

Hello,

I am trying to understand the inventory asset account and the workflow on how it calculates.

When a purchase order is created and an item is received using item receipt, does it use the amount for that item on the purchase order? And when an item is fulfilled, does it pull from the item's price?

I am confused because I thought that the transactions would balance each other out within the inventory asset account. For example, we receive inventory at a cost and we fulfill orders with the same cost to clear the inventory from the account.

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