Hi, Guys. I need to open the accounts related to inventory. I do not know which I should include. The purpose is to keep track on incoming inventory and outcoming. I am working in Simply Accounting software
Thanks, VIC

You need to know first whether you are doing perpetual or periodic method. Is this a decision already made? If not and you want help with that decision, you would have to post more details. For instance, it can depend on things like whether you're hooked into a scanning system, whether you're using the inventory module of the software (not familiar with that one and don't know if it has one), whether these are lots of the same item or more unique items, etc.

For a perpetual method, you need an Inventory account (asset) and Cost of Goods Sold (expense) for the cost part of this. In that method everything goes through that inventory account, including returns, transportation charges, etc.

If using a periodic method, then you need the Inventory account, and also Purchases (expense), and maybe Purchases Discounts and Purchases Returns if those are going to be necessary and you want to track them individually, and a Freight-In or Delivery or Shipping Costs account if that's relevant. For that method, Cost of Goods should be something that calculates on the income statement rather than being an account.

There are of course the sales accounts, and there may be other you'd need to use, but you asked specifically about the inventory part.