Add and edit products (stock and non-stock) and services
Description

Track the products and services you buy and sell, including quantities, costs, and storage locations. Enter these types of items:

  • Stock: 

    Track stock items, adjust quantities automatically, and receive low-quantity alerts. You can use the Stock Movement Summary report to manage costs.

  • Non-stock:

    Record non-stock items without tracking. Use them for small items like screws or bolts.

  • Service: Track non-physical goods such as repairs, consultations, or software updates.

 NOTE: You can also import products and services from a comma-separated value (CSV) file. 

Cause
Resolution

Add a stock item

  1. Open Products and Services, and then select New Item.
  2. Click Stock and then enter the following information:

    • Item Code: Enter a code for the stock item
    • Item Description: Description that appears on invoices
    • Category: Choose a product category if applicable
  3. Under I Sell This Item, enter the following information:

    • Price Name: Define sale, trade, and wholesale prices

    • Price ($): Enter each price
    • Includes Tax?

      Select if tax is included

    • Sales Account: Choose the general ledger account
    • Tax Rate: Assign a tax rate
  4. 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

    • Enter Reorder Level and Reorder Quantity to automate stock management
  5. 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
  6. 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 item's bar code as text
    • Weight: Enter the weight of the item
    • Notes: Enter any additional notes about the stock item

Add a non-stock item

  1. Open Products and Services and click New Item.
  2. Click Non-stock and enter:

    • Item Code and Item Description
    • Category if applicable
  3. Under I Sell This Item, enter:

    • Price Name: Enter amounts for sale, trade, and wholesale prices

       NOTE: You can change price names and add a fourth pricing level in the Record and Transaction settings

    • Price ($): Enter each price
    • Includes Tax?: Select this check box if the price includes tax
    • Sales Account: Select the general ledger account
    • Tax Rate: Select the tax rate

     NOTE: When entering an invoice, you can override the default selections 

  4. 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

  1. Go to Products and Services and click New Item.
  2. Select Service and enter: 

    •  

      Item Code: Enter a code for the service

    •  

      Item Description: Enter a description of the service

    •  

      Category: Choose a category

  3. 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 check box if the rate includes tax
    • Sales Account: Select the general ledger account for sales
    • Tax Rate: Select the tax rate
  4. 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

  1. Go to Products and Services and then select the item you want to edit.
  2. Click Edit.
  3. Make the necessary changes.
  4. 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.

  1. Go to Products and Services.
  2. Select the check box next to the item to delete.
  3. Click Delete and confirm the deletion.
Steps to duplicate
Related Solutions

How to manually adjust stock quantities