Add a new Product (AV2013)
2. Create a New Product record
Click the Create New Record icon or use the keyboard shortcut Command + N.
3. Enter the Product info
See below for a description of each section of the Product Info tab.
- Name: The full name of the Product as it is to appear on Invoices and Reports.
- Part Number: Your company’s unique number for the Product (up to 20 alphanumeric characters). This field is mandatory. No two Products can have the same Number.
- Product Class: This determines certain default settings for this Product record including the GL distribution for Income, Cost of Goods and Inventory accounts. Once a Product Class has been assigned to a Product record it cannot be changed.
- Description: A description of the Product (up to 50 alphanumeric characters). The Description can be printed on Invoices and Purchase Orders.
- Category: This is a user-definable choice list that allows you to categorize your Products for reporting purposes.
- Default Sales/PO Line Memo: A larger description field. Uncheck the "Use Description..." box in order to use this field as the default description.
3.2. Cost and Weight
Default PO Cost: This field is used as the reference cost for the item. This is the cost that will be used by default when issuing Purchase Orders or processing Inventory Maintenance draw transactions.
- The cost that posts to the General Ledger (for Cost of Goods Sold and Inventory Valuation) is drawn from the amount entered on the Accounts Payable Voucher or Inventory Maintenance add transaction for the affected Lot.
- Markup %: The percent of the actual cost used to obtain the sell price. Enter the value in whole numbers. (For example, enter 15% as 15.)
- List Price: The manufacturer’s suggested retail price.
- Sell Price: The price that your company is charging for this item, not including tax.
- Vend List Cost: This is the cost that the Vendor lists for the Product in their catalog.
- Commission %: The percentage of the sale price received by the sales person for the sale of this product. Enter the value in whole numbers.
- Weight: The weight of the Product’s shipping unit. This information will be used for shipping purposes. Be sure to use a consistent unit in all products (for example, always use kilograms or pounds).
- UM: The base quantity in which the Product is bought or sold. When entering, use a value such as “ea” or “doz." (There is a limit of 5 characters.) This information appears on Purchase Orders and Invoices.
- Lock Price: This checkbox indicates that the Product is not subject to Discount or Margin calculations when entering a Sales Order.
3.3. Unit of Measure
3.4. Product Type
- Freight: Select this Product Type for your shipping methods. Items marked as Freight are available in the Ship Via fields of Client records, Sales Orders and Bill To/Ship To addresses. These items are also used when processing shipping documents via your 3rd Party Shipping Software.
Inventory: If selected, AcctVantage will track Inventory levels for this item.
Assembly: If selected, you are able to define a Recipe of component parts that make up this finished good. A Work Order or Inventory Maintenance transaction is used to relieve the component parts from Inventory and add the finished good to Inventory. Assembled goods can also be purchased via a PO. The default cost of an Assembled product is the sum of the component parts costs plus any GL/Expense costs indicated. When adding Assemblies via Work Orders or Inventory Maintenance Transactions, you are able to add labor and overhead charges to the new units.
- Auto-Build: If the Auto-Build Assembly box is checked, then AcctVantage will attempt to build the Assembly (using the standard Recipe) when there is a shortage at point-of-sale. Please see the article on Assembly versus Kit Product Types for more details on this process.
- Serialized: If selected, AcctVantage will track individual units of the Product with a unique Serial Number.
- Assembly: If selected, you are able to define a Recipe of component parts that make up this finished good. A Work Order or Inventory Maintenance transaction is used to relieve the component parts from Inventory and add the finished good to Inventory. Assembled goods can also be purchased via a PO. The default cost of an Assembled product is the sum of the component parts costs plus any GL/Expense costs indicated. When adding Assemblies via Work Orders or Inventory Maintenance Transactions, you are able to add labor and overhead charges to the new units.
- Non-Inventory: Select this Product Type for service or other non-stock items. AcctVantage will not track Cost of Goods Sold for these products.
Kit: A Kit consists of a Recipe of inventory and non-inventory items sold under a single part number. Unlike Assembly’s, a Kit does not draw available Inventory until the item is sold; there is no need to “build” a Kit prior to sale.
- Fixed Price: The Sell Price for a standard Kit is the sum of the components' Sell Prices, as opposed to a Fixed Price Kit, which you can lock in a price so it won't change if the components' Sell Prices changes or items are subsitituted in the Recipe.
- Template: Templates are similar to Kits in that they consist of a Recipe of Inventory and Non-Inventory items. However, when a Template is entered on a Sales Order, AcctVantage replaces the Template line item with an individual line item for each Template component.
- Primary Vendor Name & Primary Vendor Code: The name and code of the default Vendor that supplies the Product. This field must be used if you plan on using the Auto-PO feature.
- Vendor’s Part Number: A Vendor Part Number for the Product.
- Vendor's bar code: A Vendor bar code for the Product.
- Memo: Any pertinent information regarding the Product in this field. AcctVantage uses this field to automatically record important system modifications. For example, if a user changed the name of the Product, AcctVantage will state this fact in the Memo field, along with the date and user name.
This section also includes options for data from a 2nd Vendor and the ability to Swap these 2 Vendors if the secondary Vendor becomes primary at some point in the future.