Items
Overview
Items in the accounting package represent discrete physical objects stored in inventory, services rendered to customers, or expenses incurred by the business. Items can be classified into five categories:
- Products - Items purchased or manufactured for sale.
- Equipment - Items purchased for use within your business that contribute directly to business operations.
- Consumables - Items purchased for use within your business that are expended on use.
- Raw materials - Inputs used in manufacturing processes.
- Services - Represent services rendered to customers and form the basis for billing in projects.
Who uses this page?
- Inventory managers
- Procurement teams
- Accountants
- Bookkeepers
- Finance staff
When to use this page?
- When creating a new item
- When editing an existing item's details
Navigation path
To access the Items page, navigate to: Inventory > Items
Field descriptions
The following fields are available on the Items page:
Main Form
| Field Name | Purpose | Expected Values | Defaults |
|---|---|---|---|
| Name | Unique name used to identify the item | Text (max 64 characters) | Required |
| Description | Brief summary of the item | Text | Optional |
| Type | Classifies the item into one of product, raw material, consumable, service or equipment | List of item types | Required |
| Tax | Sales tax that affects the item if it's a product or service | List of active taxes | Required |
Initial Values
| Field Name | Purpose | Expected Values | Defaults |
|---|---|---|---|
| Unit Price | Stated unit price of purchase for a given item for initial inventory | Decimal | Required |
| Initial Quantity | Initial quantity of stock | Quantity | Required |
| Warehouse | Warehouse assigned the initial quantity of stock | Warehouse | Required |
Detailed Attributes
| Field Name | Purpose | Expected Values | Defaults |
|---|---|---|---|
| Unit | Physical unit of measure the item is stocked in | Unit of measure | Required |
| Minimum Order Level | Minimum quantity of the item to be maintained in inventory | Quantity | Default: 0 |
| Maximum Stock Level | Maximum quantity of the item to be maintained in inventory | Quantity | Default: 0 |
| Length, Width, Height | Optional fields to record the dimensions of the item | Decimal | Optional |
| Supplier | Vendor that supplies the organization with the item | Supplier | Optional |
| Category | Used to organize items by type | Category | Optional |
| Image | Picture that aids in identifying the product | Image file | Optional |
Actions & buttons
The following actions are available on the Items page:
- Save: Saves the item's details
- Delete: Deletes the item (if no transactions are associated with it)
Examples / usage notes
- When creating a new item, ensure that the required fields (Name, Type, and Tax) are accurately populated.
- Use the Initial Quantity and Unit Price fields to set the initial stock levels and valuation rate for the item.
- The Unit field determines the physical unit of measure for the item.