Creating a Product Item

Getting Started Step 6 - Setup Products and Services

AccountingSuite™ has two types of items: PRODUCT and SERVICE. The big difference is that Product items are tracked in inventory.

Creating a Product Item


  1. Navigate to Inventory → Item.
  2. Click Create.
  3. Enter an item Code (product number, SKU, etc).
  4. Enter a Description for the item.
  5. Choose Product in the Item Type field.
  6. Enter the Item Price. For a more complex pricing structure using Price Levels and/or Categories, use the Price Matrix.
  7. Enter the item Cost.
  8. Enter an item Category. Item Categories are used to group items for pricing, reporting and organization.
  9. If the item is taxable, check the taxable checkbox. See sales tax for more information on calculating and tracking sales taxes.
  10. Click the Setup tab. Choose a Costing Method, default expense and sales accounts, re-order point, number of decimals to use in pricing, and UPC (all optional).
  11. Check the Assembly box if this item is the final product that your company produces and for which inventory for this product and its raw materials will be managed in the system. See Assemblies for more information on this feature. 
    1. Check Has Residuals to track residuals produced as a part of the assembly process.
    2. Check Has Labor if the Bill of Materials will include service items like labor.
    3. Complete the Bill of Materials.
  12. Check the Taxable checkbox if this item is taxable.
  13. Check Discount is Taxable to calculate taxes before discount is applied.
  14. Check Has Lots / SN if you will be tracking lots and/or serial numbers on this item.
  15. Click the UoM (unit of measure) tab to set up the units of measure for this item (each, box, crate, case, etc)
  16. Click Save and Close.
Click the image below to view a video on creating a Product item in AccountingSuite™.


Creating a Product Item in AccountingSuite™

If you are creating an item similar to another existing item, you may copy it to save time. Right click the item in the list view and choose copy. Change the info that is different for the new item (the code must be unique) and click save. See the video below for a demonstration.

SERVICE items differ from product items in that are not tracked in inventory.

Creating a Service Item


  1. Navigate to Inventory → Item.
  2. Click Create.
  3. Enter an Item Code (product number, sku, etc).
  4. Enter a Description for the item.
  5. Choose Service in the item type field.
  6. Enter the item Price. For a more complex pricing structure using Price Levels and/or Categories, use the Price Matrix.
  7. Enter the item Cost.
  8. Enter an item Category. (optional)
  9. Click the Setup tab. Choose default ExpenseSales, and Cost of Goods Sold accounts, number of decimals to use in pricing (see pricing precision), and UPC (all optional). Remember to use two decimal points if you Unit of Measure will be a time based unit like hours.
  10. Click the Vendor tab and enter Preferred Vendor, Vendor Code and Vendor Description. These values will appear in POs created for this item. (optional)
  11. Click the UoM (unit of measure) tab to set up the units of measure for this item (service items typically would have hours, days, weeks, years).
  12. If custom fields have been created for this item, click the Custom Fields tab and enter the required data.
  13. Click Save and Close.
Click the image below to view a video on creating a Product item in AccountingSuite™.

Creating a Service Item in AccountingSuite™

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