Difference between revisions of "Product"

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Latest revision as of 15:53, 24 June 2011

Overview

A New Product is created when you have the need to select it from the Inventory List when entering an Invoice, Purchase Order etc. New Products need to be set up as a specific Product Type to ensure correct data flow.

Product Types have been locked to prevent conversion from non-inventory to inventory without taking into account the Cost Of Goods Sold still outstanding. Following is a list of the Products Types available in ERP:

Inventory Part A physical product that has its amount tracked as inventory (it HAS a Cost of Goods Sold, ATTRACTS Income directly or indirectly, and IS considered an Asset) Non-Inventory Part A product that has a buying cost but doesn't have its amount tracked. (it HAS a Cost of Goods Sold, ATTRACTS Income directly or indirectly, but it IS NOT considered an Asset) Other Type A product that doesn't have a specific buying cost associated with it, but it is sold. (it DOESN'T have Cost of Goods Sold, it IS NOT considered an Asset, but MAY attract Income)

NOTE: Price entry is (inc) therefore ERP will automatically calculate the (ex) prices as they must be entered

with 4 decimal places for GST purposes.

How To Create a New Product

• Select Inventory Tab
• Select Product
• Select Product Type
• Enter Product Name

If using Namable columns (by default Manufacture, Type, Dept) select as desired Enter Description on Purchase Transactions (by defauslt, same as product name) Select Copy or enter Description on sales transactions - this is the description that will appear on invoices etc.. If a more detailed description is required select "+" to open Description Memo form and enter description NB. If using Description Memo Sales Order and Invoice templates will need to be amended to display the content

• Enter the Cost (Inc) into field 1 of Qty Buy, select Yes to the prompt to Auto Correct the prices for the 3 fields.

NB. If you require price breaks, enter separate Qty's into each field, e.g. Qty 1 = $10.00ea, Qty 10 = $9.00ea, Qty 100 = $8.00 ea

• Select the COGS Account (default = COST OF GOODS SOLD) See Inventory Related Accounts
• Enter a Preferred Supplier - from the drop-down Supplier list (This field is optional but is necessary if you

intend using Smart Orders or Auto Reorder).

• Purchase Tax Code - Default = NCG (Non Capital Acquisition GST inc) but see Tax Codes for more information
• Purchase Default UOM - If using Units of Measure these will be added here after creating the new product.

See Units of Measure

• Enter Asset Account - Default is Inventory Asset. See Inventory Related Accounts for more information on

Accounts

• Enter the Price (Inc) into field 1 of Qty Buy, select Yes to the prompt to Auto Correct the prices for the 3 fields.

Alternatively you can enter a percentage markup in %(Ex): Cost/Sell to calculate Prices for you. NB. If you require price breaks, enter separate Qty's into each field, e.g. Qty 1 = $10.00ea, Qty 10 = $9.00ea, Qty 100 = $8.00 ea

• Select the Income Account (default = SALES) See Inventory Related Accounts
• Wholesale (Ex): - Enter the Price for Wholesale customers if any
• Sales Tax Code - Default = GST. See Tax Codes for more information
• Sales Default UOM - If using Units of Measure these will be added here after creating the new product.

See Units of Measure

• Enter Asset Account - Default is Inventory Asset. See Inventory Related Accounts for more information

on Accounts

The Product Tree will display the information entered in the optional columns in a tree view

Product comments field can be used for general comments as desired

• Special Discount - If selected this product will be available at a special discount to customers who are flagged

as eligable to receive a Special Discount. Each customer can be given a "Special Product Discount" at an individual rate that is entered in the customer file. This discount rate is then applied to any products with "Special Discount" flag ticked.

• Serial Number Tracking - If selected, serial numbers will be requested and tracked for this product. See

[[Utilities>Preferences>Inventory]] for a preferences related to Serial Number tracking

• Auto Reorder - If selected this products In Stock quantities will be assessed against its reorder points whenever

Auto Reorder is run

• Discontinued - If selected the product can not be included on new purchase orders but existing stock can

still be sold. If no stock is held you would make the product inactive.

• Included in Analysis - If flagged this product will be included in the "Combined Analysis Report" and "Employee

Analysis" both of which can be found in Employee Reports

• Hide on Print - Select if this product is to be hidden on printed invoices but included in the value of the invoice

(it will still be seen on screen) eg. You may wish to add travel expenses when providing a service. Using Hide on Print will allow you to account for the expenses seperately without displaying them as a seperate item on the customer's invoice.

• Create Job -
• Auto Create Smart Order - If Selected the user will be asked if they wish to create a purchase order for

this product when a sales order is raised. This is useful for products that may be sold rarely and therefore not kept in stock.

• Has Formula Attached - Select this item if you want to attach a formula to calculate quantities of another

product that is to be supplied with this one. EG. If selling a product with variuable dimensions such as a door, a formula might be added to calculate the area based on the height width and depth and calculate the quantity of paint required for the order. A popup window will appear when the product is ordered asking for the variables required by the specified formula. SeeProduct Formulas for more information.