Add and edit products (stock and non-stock) and services
You can keep track of the products and services you buy and sell (in and out) quantities, costs, and other item details such as storage location. You can enter these types of items:
Stock. Stock items are products that you want to count and track. Quantities are automatically increased (or decreased) when you buy or sell an item. This prevents you from selling items that you do not have in stock. You can also receive alerts you when quantities are low and you can use the Stock Movement Summary report to review stock movement, which can help you manage costs.
Non-stock. Non-stock items are products that you want to record but not track. For example, you might use non-stock items for small things that you do not count, such as screws or bolts. You can add them to a sales or expense invoice but the quantities will not be updated.
Service. You can enter service items for non-physical items that you buy and sell. For example, a computer repair company may enter stock and non-stock items to track hardware items but also enters service items for other work such as software upgrades or virus removal.
Under I Sell This Item, enter the following information:
Price Name. Displays three selling prices, where you can enter amounts for sale, trade, and wholesale prices. This allows you to select the correct price when entering an invoice.
Includes Tax? Select this check box if the price includes tax. When you enter an invoice, the tax is deducted from this price.
Sales Account. Select the general ledger account to which you want to post sales of this stock item.
Tax Rate. Select the tax rate for this stock item.
Note: When entering an invoice, you can override the default selections.
Under I Buy This Item, enter the following information:
Usual Vendor. Select the vendor from whom you usually buy this item.
Vendor Item Code. Enter a short name or code for the vendor's item.
Expense Description. Enter a description of the item.
Cost Price. Enter the price at which you buy this item. By default, this price is used when you enter an expense invoice.
If you do not enter a price, this field is automatically updated with the price you enter for the item on your next expense invoice or stock adjustment.
Expense Account. Select the general ledger account to which you want to post purchase costs for this stock item.
Note: We recommend that you use an asset account (from the Balance Sheet) so that when you buy the item, it is recorded as an asset to the business. When you sell the item, you need to post a journal to account for the cost of the sale and to move the value to your Profit & Loss report.
Reorder Level. Enter the quantity at which the stock should be reordered. For example, if you enter 20.00 in this field, an indication that you have reached the reorder level for the item displays.
Reorder Quantity. Enter the quantity you normally reorder for this item.
Under the Opening Balance section, enter the following information:
I have existing stock on hand. Mark if you have stock on-hand for this product.
Quantity on Hand Enter. the number of items you have on-hand.
As of Date. Enter the date you last inventoried the item.
Cost Price. Enter the cost price of the item.
Under Additional Information, enter the following information:
Product Group. If you are using analysis types for stock items, select a product group for the item.
Location. Enter the location of your stock item (up to 25 characters).
Note: This field is text-only. You cannot set up predefined locations or move the stock items between locations.
Barcode. Enter the item's bar code as text (up to 60 characters).
Weight. Enter the weight of the item. Use the same unit of measure you selected in Record and Transaction settings.
Notes. Enter any additional notes about the stock item.
Under I Sell This Item, enter the following information:
Price Name. Displays three selling prices, where you can enter amounts for sale, trade, and wholesale prices. This allows you to select the correct price when entering an invoice.
Includes Tax? Select this check box if the price includes tax. When you enter an invoice, the tax is deducted from this price.
Sales Account. Select the general ledger account to which you want to post sales of this non-stock item.
Tax Rate. Select the tax rate for this non-stock item.
Note: When entering an invoice, you can override the default selections.
Under I Buy This Item, enter the following information:
Usual Vendor. Select the vendor from whom you usually buy this non-stock item.
Expense Description. Enter a description of the non-stock item.
Cost Price. Enter the price at which you buy this non-stock item. By default, this price is used when you enter an expense invoice.
If you do not enter a price, this field is automatically updated with the price you enter for the non-stock item on your next expense invoice.
Expense Account. Select the general ledger account to which you want to post purchase costs for this non-stock item.
Note: We recommend that you use an asset account (from the Balance Sheet) so that when you buy the non-stock item, it is recorded as an asset to the business. When you sell the non-stock item, you need to post a journal to account for the cost of the sale and to move the value to your Profit & Loss report.
Under Additional Information, enter any additional notes about the non-stock stock item.
Under I Sell This Item, enter the following information:
Rate Name. Displays three rates, where you can enter amounts for sale, trade, and wholesale prices. This allows you to select a rate when entering an invoice.
Note: You can change the rate names and add another rate, if needed in Record and Transaction settings.
Rate ($). Enter each rate.
Includes Tax? Select this check box if the rate includes tax. When you enter an invoice, the tax is deducted from this rate.
Sales Account. Select the general ledger account to which you want to post sales of this service.
Tax Rate. Select the tax rate for this service.
Under I Buy This Item, enter the following information:
Usual Vendor. Select the vendor from whom you usually buy this service.
Purchase Description. Enter a description of the service to print on your invoices.
Cost Price. Enter the price at which you buy this service. By default, this price is used when you enter an expense invoice.
If you do not enter a price, this field is automatically updated with the price you enter for the service on your next expense invoice
Expense Account. Select the general ledger account to which you want to post expenses for this service.
Under Additional Information, enter any additional notes about the service.
Edit a product or service item
Go to Products and services and then select the item you want to edit.
Click Edit.
Edit the item as needed.
Click Save.
Note: If you are no longer using an item, you can mark it as Inactive in the Item Information section.
After you have edited a product or service, the changes you made will not be applied to existing open invoices. If you want to apply your changes to them, follow the steps below.
Locate and then select to open the invoice.
Click Edit.
On the line you want updated, select a different item and then select the correct item again.
Click Save.
Delete a product or service item
You can delete only items that have not been added to an invoice. If the item has been added to an invoice, you cannot delete it but you can mark it as inactive.
Go to Products and services.
Select the check box next to the item that you want to delete.
Click Delete and then select Yes to confirm the deletion.
