Hello all, I have a startup company that I am working through and I had a couple bookkeeping questions. It is a very small startup, $20K income/expenses per year. We buy materials and create products which we either sell or let another company rent them out. How would the recording for this work? Would I need to do raw materials, finished goods and etc? How do you know exactly how much raw materials you have used? How does it work if its rented? Does it go into fixed assets? I was hoping since we are such a small company, there can be an easier way to do this instead of using inventory accounting. Any help would be much appreciated!!