From the Product/Service information window, enter a name for your product This can be simple and generic ie. Consumables, materials, or very detailed ie. “8.8 Precision High Tensile Bolts ”, “First Aid Training Manual”.
Insert an Image if required. This is completely optional. Again, particularly useful when setting up a Point of Sale (POS) system. To insert a picture from your computer, click on the pencil icon and navigate to the image you wish to use.
Category and Class. These are optional items that can be used for Cost Centre and Location Tracking. Choose an appropriate Category and/or Class if required.
Carefully choose the Inventory Asset Account that you want to use. This needs to be an ASSET type account (NOT an income or expense account). This is the account that will show you the value of all your stock on hand in your Balance Sheet.
In the Sales Information field, write the description that you would like to appear on your Invoices each time you select this Product. Write as much as you can to save you data entry when you are entering Invoices.
Carefully select an Account from your Chart of Accounts to record all sales of this product against. It is usually an INCOME type account from your Chart of Accounts that is chosen here.
Select a Tax Code from the list available by clicking on the dropdown arrow in the TAX field. Most products that you set up will be either GST (10%) if it is a product that includes GST, or GST Free (0%) if it is a product deemed GST Free by the GST Legislation.
Tab to the Purchasing information field and fill out the Description details that you would like to show each time you select this product in a Purchase Order or Bill.
Record a Purchase price/rate for the product.
Carefully select an Account from your Chart of Accounts to record all purchases of this product against. It is usually an EXPENSE or COST OF GOODS SOLD type account from your Chart of Accounts that is chosen here.
Select a Purchase Tax Code from the list available by clicking on the dropdown arrow in the PURCHASE TAX field. Most Products that you set up will be either GST on purchases (10%) if it is a product that includes GST (and the supplier providing the product is registered)
Preferred Supplier – This is an optional step, and only relevant if you predominantly have one particular supplier that provides this product to your business. Otherwise just leave it blank.
You are now finished setting up your product ready to use in your Invoices and/or Estimates/Bills and Purchase Orders. Choose Save and Close to record the item.