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Add New Product/Service

To create Product/Services, go to Accounts>>Products and Services and click on the plus icon and choose Product.

The form will appear with the following fields:

Product Type – Select a type of product you are going to save. It can be Inventory Item, Non-Inventory Item,Service, Assembly Item, Other Charge and Product Group.

If you select Inventory Item type following fields will be available:

Product Name – Write the name of Product or Service.

Product Number – Product number will be set automatically. You can set your own numbering in Settings, Numbering Settings, Product Numbering.

Category – Choose a category of the product or service. You can add new Category here in dropdown clicking Add New or in Settings, Product Categories and Add Category.

Tax Rate – Tax rate to the per unit of product or service.

Cost Price – Cost price of the product to the company.

Selling Price – Selling price of the product to customers.

COGS Account – Cost of Goods Sold account. By default Materials Purchased  will be set, you can choose other COGS account in dropdown menu.

Income AccountSales account will be set by default, you can choose another income account from dropdown menu.

Quantity on Hand – Number of the products that company has currently in Stock.

Reorder PointEnter the level of inventory when an order should be made with suppliers to bring the inventory up.

Asset Account – Choose an asset account from dropdown menu to register your inventory item to your Stock.

Total Value – Total cost of the product/services, it will calculated automatically based on the cost price and Quantity on Hand of the Inventory Item.

As of – Select the date that Inventory item came to your Stock.


See also