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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”.
Enter an SKU if needed. Note: You will probably only need this if you are setting up an Item for a Point of Sale (POS) system. Otherwise leave it blank.
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.
These are optional items that can be used for Cost Centre and Location Tracking. Choose an appropriate Category and/or Class if required.
Tick “I sell this product/service to my customers” if it is a Product that you wish to use on your Invoices. Most items will have this option ticked.
Write the description that you would like to appear on your Invoices each time you select this Product. If you have set up a generic type item you may wish to leave this blank, otherwise write as much as you can to save you data entry when you are enter
Record a Sales price/rate for the item if you wish (this is optional).
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.
The next step is an optional step. If you wish to set up a Product that you can use in Purchase Orders and Bills Transactions, to track the cost of the product as well as the Sales Income you generate from it, then you need to tick the “I purchase this product/service from a supplier”
Tab to the next 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. If you have set up a generic type item you may wish to leave this blank, otherwise write as much as you like.
Record a Purchase price/rate for the product if you wish (this is optional). If you are setting up a Generic type product that will be used for the purchase of lots of different products, you may wish to leave this field blank.
Carefully select an Account from your Chart of Accounts to record all purchases of this product against.
Select a 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).
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.