You can create and maintain inventory items for invoices and tracking purposes from the Set Up Inventory Products screen.
Alternatively, you can import inventory information from external applications on a previously-prepared Excel spreadsheet from this screen.
Note: This screen is similar to the Products and Services screen available from the Sales menu, but is pre-filtered to display only inventory items. You can also add a product to the system on that screen and then identify it as an inventory item.
To set up, edit, or delete an inventory item:
1. Select Inventory Products from the Inventory menu to open the Set Up Inventory Products screen.
2. Ensure that New is selected in the Select Inventory Product field to enter a new inventory product, or select an existing product to edit from the Select Inventory Product drop-down list.
Alternatively, you can click Import to start importing inventory information, or you can click List to open the Inventory List screen to review a list of existing products, and click the Product Code of an existing product to open it for editing or review in the Set Up Inventory Products screen.
Note: You can select an existing inventory product and click the Delete button to delete it. The Delete button is disabled if the item has already been used in any transactions.
3. Enter an identifying code for the product in the Product/Service Code field.
The code can be up to 10 characters in length.
Note: This is a required field.
4. Enter the name of the item or service in the Description field.
The description can be up to 75 characters in length.
Note: This is a required field.
5. Specify a default quantity and a unit price for the item or service in the Default Quantity and Unit Price fields.
The default quantity is the standard quantity to include on customer invoices when this item is selected, and the unit price is the default amount to charge for the item or service. If you specify a default quantity greater than 1, the unit price applies to the total, not each individual item.
The default quantity and unit price can be adjusted on any customer invoice.
6. Click the Taxable checkbox to indicate whether sales tax for this product is to be computed on customer invoices.
With this option enabled, unless the customer is tax-exempt, sales tax is computed on invoices for this item, based on the sales tax settings set on the Sales Preferences screen.
7. Select the revenue account to credit when the product is sold from the drop-down list in the Revenue Account field.
8. (Optional) Click the Inactive checkbox to create the record of the product but make it inactive.
Inactive products cannot be selected on invoices. You can use this option to create a product record for a product before it is offered for sale, or to suspend sales of products that are not available for any reason.
9. Select the account to charge for purchases of this item from the drop-down list in the Purchase Account field.
10. Enter the initial quantity on hand in the Beginning Inventory Count field, and the initial cost for the quantity on hand in the Beginning Inventory Balance field, and enter the quantity below which the item should be replenished in the Inventory Threshold field.
You can set an alert on the Alert Preferences screen, to prompt you if the quantity on hand falls below the Inventory Threshold.
11. Click Save to save your entry, and click Add to enter another record.