Here's a step-by-step video guide on how to track product-wise profitability of your inventory items:
With our new product-wise P&L reports, you can do that exactly with ease!
Just navigate to Accounting Reports > Other Reports > Product-wise reports to start tracking product-wise profitability!
To get the most out of this report, we recommend that you keep your inventory items updated with details such as buying price, purchase quantity, etc. (See how to do that here >)
If you want Refrens to automatically update your P&L every time you purchase/sell any item (I.e create an invoice OR expense on Refrens), you can do that as well! Here's how -
Step 1: Turn on "Manage Inventory"
Firstly, go to Business Settings > Accounting & Inventory > Inventory > Turn the "Manage Inventory" toggle on as shown below:
Once enabled, every time you create an Invoice OR record an expense, the system will automatically update the total quantity sold/purchased along with the selling/purchase price. (Learn more on this here >)
Step 2: Ensure the "Manage Stock" toggle is on
Once "Manage Inventory" is enabled, go to your inventory dashboard and ensure that the "Manage Stock" toggle is turned on for all the items for which you want the auto-update feature enabled. (Learn more on this here >) 
That's it! you can now start tracking product-wise profitability with ease!