Products & Services

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Topics:

• Introduction
• Non-Inventory Product / Service
• Inventory Product
• Inventory tracking
• Multi-Location
• Auto Build

Introduction

Setting up a Product/Service item in Financio helps you manage your sales transaction smoother and quicker by automatically populate the Item Name, Description, UOM, Location and Unit Price.

Setting up an Inventory Product Tracking allows you to track the quantity on hand when buying or selling the product.   

Note: Remember to select the preferred Costing Method in the business setting before enabling the inventory tracking function. 

1. First In First Out (FIFO) – The concept of the FIFO method assumes products are sold in the order they're added to the inventory. Meaning, first products in stock are the first to be sold. The costs paid for those oldest products are the ones used in the calculation. This method best suits businesses such as restaurants, bakeries and butchers because the products have a shelf life.

2. Average cost– The average cost concept uses a weighted average to track inventory. With this method, you use a pool of cost for all units of a particular stock keeping unit. Any purchase is added to the pool of cost, and the pool of cost is divided by all units you have on hand.

Non-Inventory Product / Service

Adding New Products/Services

• Navigate to the Products & Services tab and click on Create New.

Enter the product details:

• SKU
• Name *

If you are selling the product/ service:

• Provide selling details.
• Switch the I sell this item or service toggle to Yes
• Tax Code: The default tax code when selling this product / service
  Note: It can always be overridden at transaction level. 
• Income Category *: The category for tracking the income made in selling this product / service.
• Description
• Unit Price *

Note: Unit is refers to the unit of measurement (UOM) used. No currency has been assigned to the price; the currency will be decided at the transaction level.  

Note: UOM: Unit and quantity=1, will be auto pushed for the new product by default and cannot be edited. If you would like to add a different UOM and quantity, click on Add New to proceed and set it as the primary setting.  

Still unsure? Learn more about Unit of Measurement (UOM) here.

If you are buying the product/ service:

• Switch the I buy this item/ service toggle to Yes
• Provide buying info.
• Tax Code: The default tax code when buying this product/service

Note: It can always be overridden at the transaction level. 

• Expense Category *: The category for tracking the expenses spent on buying this product/service.
• Description 
• Unit Price * 

Note: Unit is refers to the unit of measurement (UOM) used. No currency has been assigned to the price; the currency will be decided at the transaction level. 

Note: UOM: Unit and quantity=1, will be auto pushed for the new product by default and cannot be edited. If you would like to add a different UOM and quantity, click on Add New to proceed and set it as the primary setting.   

Still unsure? Learn more about Unit of Measurement (UOM) here.

• Click on Save.

Inventory Product 

Adding New Products/Services 

• Navigate to the Products & Services tab and click on Create New.

If you are selling the product: 

• Switch the I sell this item or service toggle to Yes
• Provide selling details.
• Tax Code: The default tax code when selling this product/service 
  Note: It can always be overridden at transaction level.
• Income Category *: The category for tracking the income made in selling this product.
• Description 
• Unit Price* 
  Note: Unit is refers to the unit of measurement (UOM) used. No currency has been assigned to the price; the currency will be decided at the transaction level.  

Note: UOM: Unit and quantity =1, will be auto pushed for the new product by default and cannot be edited. If you would like to a add different UOM and quantity, click on Add New to proceed and set it as the primary setting.   

Still unsure? Learn more about Unit of Measurement (UOM) here.

If you are buying the product: 

• Switch the I buy this item/ service toggle toYes.
• Provide buying details.
• Tax Code: The default tax code when buying this product 
  Note: It can always be overridden at transaction level.
• Cost of Sales Account *: The account for tracking the cost on sold items 
  Note: You can use the built-in Cost of Sales
• Description 
• Unit Price * 

Note: Unit is refers to the unit of measurement (UOM) used. No currency has been assigned to the price; the currency will be decided at the transaction level.  

Note: UOM: Unit and quantity =1, will be auto pushed for the new product by default and cannot be edited. If you would like to add different UOM and quantity, click on Add New to proceed and set it as primary setting.   

Still unsure? Learn more about Unit of Measurement (UOM) here. 

• Click on Save.

Inventory Tracking 

• Turn on Inventory Tracking.
• Select a Current Asset account to track the values of goods on hand 
  Note: By default, the Inventory Account will be selected. 
• Provide Quantity on Hand (opening stock balance) of the product (if any). 

FIFO – First in First Out: 

Average Cost: 

Note: Current value and average cost cannot be edited. 

Multi-Location 

If your business involves or operates in more than one location, you may want multi-location inventory management. Multi-location inventory enables you to manage stock levels across multiple warehouse locations effectively.    

If you have added the Multi-Location under the Control Panel and recorded sales/ purchases using the location function, the following details will automatically be populated in the MULTI-LOCATION section: 

• Location ID 
• Location Name 
• Quantity on hand 

Still unsure? Learn more about Multi-location here. 

Auto Build 

The inventory Auto Build function enables you to build inventory items consisting of more than one sub-component automatically. For example, a manufacturer will have several components such as an electric motor, blades, and stand to make a ceiling fan.    

Still unsure? Learn more about build-item here.