Bookkeeping
Inventory accounting
Inventory tracked from purchase through sale for Australian retailers and importers, with cost of goods sold calculated per period rather than estimated, and GST on imports, duty and freight folded correctly into landed cost so the figures a registered agent relies on actually hold up.
Bank reconciliation summary
Illustrative client · August 2026
AUD
| Account | Difference | Status | ||
|---|---|---|---|---|
| Operating account··4821 | 184,220.16 | 184,220.16 | 0.00 | Reconciled |
| Reserve account··0937 | 60,000.00 | 60,000.00 | 0.00 | Reconciled |
| Company card··1006 | (12,418.52) | (12,418.52) | 0.00 | Reconciled |
| Card processor clearing | 8,905.40 | 8,905.40 | 0.00 | Reconciled |
| Payroll clearing | 0.00 | 0.00 | 0.00 | Reconciled |
Last weekly runFri, 28 Aug, every account agreed to its statement.
Two open itemsTwo card receipts requested from you, marked on the card account until they arrive.
Illustrative. An example of the document, not a client's figures.
Inventory, costed properly and GST handled on the way in
An Australian retailer, importer or manufacturer that guesses at cost of goods sold is usually also getting the GST on imported stock wrong, because import GST, customs duty and freight all have to be added into the landed cost before a proper cost of goods figure can exist. Finbryn tracks inventory from purchase through sale and calculates cost of goods sold per period rather than estimating it at year end.
We apply a costing method consistently, FIFO, average cost or specific identification, depending on what fits the business, and reconcile inventory counts against the books at agreed intervals so the balance sheet reflects what is actually on the shelf. Slow-moving and obsolete stock gets flagged for a write-down decision rather than sitting on the books at a value nobody believes any more.
For businesses importing stock, GST is generally payable at the border, and we track that GST credit correctly against the landed cost of the goods, so the cost of goods sold figure and the GST position both reflect reality rather than one being adjusted to make the other look right.
Inside your existing software or a dedicated system
Where a lightweight inventory add-on covers the business's volume, we track inventory inside Xero or QuickBooks Online directly. For higher-volume importers or retailers, we connect a dedicated inventory system to the books rather than trying to force high transaction volumes through a small-business platform's native inventory feature.
Fixing a history that has been wrong
If cost of goods sold has been estimated or wrong for a while, we recalculate it for prior periods as part of a catch-up engagement and correct the inventory balance going forward, so the fix does not just apply from today.
Questions
Frequently asked questions: Inventory accounting
Do you track inventory inside Xero, or a separate system?
Where a lightweight inventory add-on covers your volume we use it inside your existing software; for higher-volume importers and retailers we connect a dedicated inventory system to the books.
How does GST on imported stock affect our inventory figures?
Import GST and duty feed into the landed cost of the goods, so we track that GST credit correctly against cost rather than leaving it as a separate, unreconciled figure.
Can you fix cost of goods sold if it has been estimated for a while?
Yes. We can recalculate cost of goods sold for prior periods as part of a catch-up engagement and correct the inventory balance going forward.
How does handover work if we are switching from a separate inventory system?
We map your existing inventory data into Xero, MYOB or QuickBooks Online (or a connected app such as Cin7 or Unleashed) and confirm opening quantities and costs match before we go live on the new setup.
What is not included in inventory accounting?
We do not run warehouse operations or set stock levels. We record and reconcile inventory value and cost of goods sold inside your accounting software based on data you or your systems provide.
Do you track inventory inside QuickBooks or Xero, or a separate system?
Where a lightweight inventory add-on covers your volume we use it inside your existing software; for higher-volume sellers we connect a dedicated inventory system to the books.
Can you help if our cost of goods sold has been wrong for a while?
Yes. We can recalculate cost of goods sold for prior periods as part of a catch-up engagement and correct the inventory balance going forward.
How is inventory accounting priced?
Pricing for inventory accounting depends on your transaction volume, the software you use, and how much cleanup is needed before ongoing work starts. Current ranges are published on the pricing page, and your exact fee is confirmed in writing before anything begins.
What software works with inventory accounting?
Inventory accounting runs inside QuickBooks Online or Xero, whichever you already use. If you are not yet set up in either, we can configure a file in your name so you keep ownership of it once the engagement is under way.
Related services
- BookkeepingAccrual basis bookkeepingBooks kept on an accrual basis, matching income and expenses to the period they were earned or incurred, so reports reflect the real state of the business.
- BookkeepingFixed asset registerA running register of equipment, vehicles and other fixed assets, with depreciation calculated and posted on a set schedule so the balance sheet stays accurate.
Industries
Next step
Talk to the team that would run your books
A short call covers your setup, your software and what a first month would look like. You get a written scope and price after it.