Open Products and Services, and then select New Item.
Select Stock and then enter the following information:
Item Code
Enter a code for the stock item.
Item Description
Enter a description that appears on the invoices.
Category
Choose a product category, if applicable.
Under I Sell This Item, enter the following information:
Price Name
Define sale, trade, and wholesale prices.
Price ($)
Enter each price.
Includes Tax?
Select this checkbox if the price includes tax.
Sales Account
Choose the general ledger account.
Tax Rate
Assign a tax rate.
Under I Buy This Item, enter the following information:
Usual Vendor
Select the vendor.
Vendor Item Code
Enter the vendor's item code.
Expense Description
Provide a brief description.
Cost Price
Define the unit cost.
Expense Account
Choose the appropriate ledger account.
NOTE:
Record purchases as business assets using an asset account from the Balance Sheet. Post a journal entry when selling to account for costs and update the Profit & Loss report.
Reorder Level and Reorder Quantity
Enter these values to automate stock management.
Under Opening Balance, enter:
Quantity on Hand
Specify the available stock.
As of Date
Enter the last inventory date.
Cost Price
Define the unit cost.
Under Additional Information, enter:
Product Group
If you’re using analysis types for stock items, select a product group for the item.
Location
Enter the location of your stock item.
Barcode
Enter the weight of the item.
Weight
Enter the weight of the item.
Notes
Enter any additional notes about the stock item.
Add a non-stock item
Open Products and Services and click New Item.
Select Non-stock and enter:
Item Code and Item Description
Enter the code and description for the non-stock item.
Category
Choose a category, if applicable.
Under I Sell This Item, enter:
Price Name
Enter amounts for sale, trade, and wholesale prices.
Price ($)
Enter each price.
Includes Tax?
Select this checkbox if the price includes tax.
Sales Account
Select the general ledger account.
Tax Rate
Select the tax rate.
NOTE:
You can change price names and add a fourth pricing level in the Record and Transaction settings. When entering an invoice, you can override the default sections.
Under I Buy This Item, enter:
Usual Vendor
Select the vendor.
Expense Description
Enter the item description.
Cost Price
Enter the price at which you buy this non-stock item.
Expense Account
Select the general ledger account.
Additional Information
Enter any additional notes.
Add a service item
Go to Products and Services and click New Item.
Select Service and enter:
Item Code
Enter a code for the service.
Item Description
Enter a description of the service.
Category
Choose a category.
Under I Sell This Item, enter the following information:
Rate Name
Enter amounts for sale, trade, and wholesale prices.
Rate ($)
Enter each rate.
Includes Tax?
Select this checkbox if the rate includes tax.
Sales Account
Select the general ledger account for sales.
Tax Rate
Select the tax rate.
Under I Buy This Item, enter:
Usual Vendor
Select the usual vendor.
Purchase Description
Enter a description for invoices.
Cost Price
Enter your purchase price.
Expense Account
Select the general ledger account.
Additional Information
Enter any additional notes.
Edit a product or service item
Go to Products and Services and then select the item you want to edit.
Click Edit.
Make the necessary changes.
Click Save.
Delete a product or service item
NOTE:
Delete only items not added to an invoice. If an item is on an invoice, mark it as inactive instead.