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

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

Add a stock item

1. Open Products and Services, and then select New Item.
2. 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.

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 this checkbox if the price includes tax.
   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.
   Reorder Level and Reorder Quantity	Enter these values 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 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

1. Open Products and Services and click New Item.
2. 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.

3. 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.

    
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 checkbox 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

1. Go to Products and Services.
2. Select the checkbox next to the item to delete.
3. Click Delete and confirm the deletion.

How to manually adjust stock quantities