Add an Inventory Itemadmin
- Here we explain how you can add new items to your inventory list. You can also add a description, price and default accounts for the item.
- Here you can decide whether you want to track your inventory items or not. If you select the tracking option then you can keep track of balances on hand and costs of goods sold.
- Clickentry allows all users to add new inventory when creating a transaction but If you are adding inventory items from the inventory menu then you must have the user role of either the Adviser or Standard user to add inventory items from the Inventory menu.
Add an Item
- In the Account menu, select Inventory.
- Click on the + Add drop-down button and select the Add Inventory option.
- Enter details in Item Code and Item Name fields.
- I Track this item: If you want to track your inventory items. You can keep track of balances on hand and costs of goods sold.
- I Purchase this Item Checkbox: If you want to use the item in your purchase transactions. Also enter details in each of the fields you want to set a default value. You can also add a description for your supplier.
- I Sell this Item Checkbox: If you want to use the item in your sale transactions. Also enter details in each of the fields you want to set a default value. You can also add a description for your customer.
- Click Save.
Track an Item
To keep track of the quantities of stock on hand for inventory items you have to select the checkbox when creating or editing the inventory item. You also need to specify the:
- Inventory Asset Account
- Cost of Goods Sold Account
About the Inventory Item Fields
|Item Code||Enter an item code corresponding to the Inventory item. It helps you to find and organize your items later. |
It’s good practice if we use SKU, ASIN, ISBN, MPN, UPC, EAN, GTIN or another standard reference code for our inventory items as your item code.
|Item Name||Enter the name of the item. You can not exceed the limit of 50 characters. Note: It’s just for internal use and doesn’t display in PDF invoices, credit notes, quotes or purchase orders.|
|Unit Price||You can enter the price of the item using up to 4 decimal places. It should be in your base currency.|
|Purchases Account||You need to select the default chart of accounts code for the cost incurred when buying the item. If you require then you can select a different account at the time of entering a purchase. When you select the track option, the Purchases Account automatically is replaced by a Cost of Goods Sold Account.|
|Purchases Description||This description will appear in the description field of bills, purchase orders and spend money transactions whenever you use the item.|
|Sales Account||You need to select the default chart of accounts code for revenue received upon selling the item. If you require then you can select a different account at the time of entering a purchase.|
|Sales Description||This description will appear in the description field of invoices, quotes and receive money transactions whenever you use the item.|
|Tax Rate||From the Tax field, you can select the default tax rates when buying and selling the item.|