Every shops in Dubai has 20 invoices or more daily. Each invoice shows sales of some items that calculation their profit is very important for owner and share holders of shops.
There are many methods to calculate profits of invoices but some of them need special tools and dedicated stuffs in accounts department and some of them are very simple but not enough accurate.
However, for a shop in Dubai we should use an economic method but accurate because purchase price of items could be very different in shops .
Sometimes a shop owner maybe find items in clearance with cheap price and sometimes in public market with a regular price.
Average price method is very simple to setup but it will be not good for shop in Dubai because it is not enough accurate (purchase prices in shops in Dubai are vast vary )
FIFO and LIFO are not good for shops in Dubai also, because these profit methods needs special warehouse manager to keep record of move lines of items and also need special barcode scanner and barcode inventory devices.
iGreen profit statement method
in iGreen accounting you can use price label for any purchased item. so that when you sell any items, price label will show you how much is purchase price of that item. It means for every purchase, iGreen will print unique barcode label and you will stick it on items of purchase. then for any item, it has a price label that shows how much is its purchase prices.
then with this method you can check accurate profit of each item not a group of items. Accuracy of this method is 100%.
This form is for printing price labels to put them on items boxs
In sales invoice, you can scan a price label and it will be entered in invoice automatically with it sales price