Open Products and Services, and then select New Item.
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
Under I Sell This Item, enter the following information:
Price Name: Define sale, trade, and wholesale prices
Price ($): Enter each price
Includes Tax?
Select if tax is included
Sales Account: Choose the general ledger account
Tax Rate: Assign a tax rate
Under I Buy This Item, enter the following information:
Usual Vendor: Select the vendor
Vendor Item Code: Enter the vendor's item code
Expense Description: Provide a brief description
Cost Price: Define the unit cost
Expense Account:
Choose the appropriate ledger account
NOTE:Record purchases as business assets using an asset account from the Balance Sheet. Post a journal entry when selling to account for costs and update the Profit & Loss report
Enter Reorder Level and Reorder Quantity to automate stock management
Under Opening Balance enter:
Quantity on Hand: Specify the available stock
As of Date: Enter the last inventory date
Cost Price: Define the unit cost
Under Additional Information, enter:
Product Group: If you’re using analysis types for stock items, select a product group for the item
Location: Enter the location of your stock item
Barcode: Enter the item's bar code as text
Weight: Enter the weight of the item
Notes: Enter any additional notes about the stock item
Add a non-stock item
Open Products and Services and click New Item.
Click Non-stock and enter:
Item Code and Item Description
Category if applicable
Under I Sell This Item, enter:
Price Name: Enter amounts for sale, trade, and wholesale prices
NOTE:You can change price names and add a fourth pricing level in the Record and Transaction settings
Price ($): 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
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 check box 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.