Items

Menu File | Inventory | Items

The Items screen displays items in a list showing item no., description, and default selling price.

Items can be goods or services for sale, or sundry items such as freight, duty, deposit.

To add a new item: click the New button. Or menu Records | New.
To edit an item: double-click the item. Or select the item and press Enter or click the Edit button. Or menu Records | Edit.
To delete an item: select the item and click the Delete button. Or menu Records | Delete.

You can select an item with the mouse or by the keyboard via the Page Up/Down and arrow keys. Or click the Find button, then enter the item no. or select the item description from the drop down list. Tip: You can enter the 1st letters of the item description then press the down arrow.

The menu has options to

- filter the list by specifying selection criteria such as “suspended”
- sort the list by item no. or description
- copy an item (all data except item no.)
- display inventory totals for a selected item
- display inventory history (transactions) for a selected item
- refresh the data displayed to show changes entered by other users, etc.
- print the list

Tip: To display inventory totals or history for an item: select the item, then right-click to display a pop-up menu.

Item no.
Items can be accessed by number or name. Item no. is useful if your customers order by item number or you have a large number of items. When setting up a new item, the program assigns a default item number which you can then change if desired. At any time you can change the item number and any history will automatically still be linked to the item.

Suspended
Check here to prevent further invoices from being entered for this item.

Description
The default description for this item. You can override this when entering invoices.
Tip: Unit of Measure can be included in the description. Example: Apricot Jam - case 12 x 500 ml

Item Type
Select the Item Type for this item. If you need to add a new type to the drop down list, click the adjacent button. You specify on the Item Type which costing method should be used and whether items in the Item Type are inventory items. Item Types may be used to group items for sales analysis. Example: Widgets, Brackets, Sundry, Labor, etc. This facilitates printing sales analysis reports sorted and/or summarized by item type. Item Types are also used to facilitate selecting items when entering AR Invoices.

Unit Price
The default selling price for this item or labour rate if the item is a service. You can override this when entering invoices.
Note: If selling to a foreign customer in a different currency, the default price is automatically converted to the customer’s currency.

Tax Codes
Each customer can have two sales tax totals showing on their invoice such as state and local, or federal and provincial. Each tax total corresponds to a tax code. Example: S for state tax, P for provincial tax. Tax is automatically applied on an invoice when an item tax code matches a tax code for a tax defined for the customer. The tax codes print on invoice detail lines to show which taxes were applied. Items can have up to 3 tax codes.
Example 1: T for tax (if there is just one tax total on the invoice)
Example 2: SL for state tax and local tax
Example 3: PGH for provincial tax, federal GST, and harmonized HST.

Weighted Average Cost
The weighted average cost is updated automatically based on the value of items received and inventory on hand. If this needs to be adjusted manually, you can uncheck the “read-only” checkbox. You specify on the Item Type which costing method (weighted average or standard) should be used for JVs created automatically, and used as the costing method on inventory reports.

Standard Cost
The standard cost is not updated automatically, so whatever is entered here remains constant until changed by the user. Standard cost would typically be used for manufactured items and reset annually, so as to have a constant cost over the year, unaffected by fluctuations in raw material costs, etc. For non-manufactured items, this field could be used for budget or replacement cost to facilitate an inventory value report at such. You specify on the Item Type which costing method (weighted average or standard) should be used for JVs created automatically, and used as the costing method on inventory reports.

GL Accounts: Sales, Cost of Goods Sold, Inventory
Select the GL accounts (main account and optional subaccounts) for this item, to be used on the JVs created when posting AR invoices. These default to the GL Accounts specified on Your Company. The optional subaccounts allow you to segregate revenue and expenses, for example, by product group, so that you could track profitability by running financial statements for selected product groups. If you need to add a new GL account or subaccount to the drop down list, click the “3 dots” button.

Notes
Enter any notes you wish to record here.