Sales Prices

Set up three different prices for each item. We've called these Sales, Trade or Wholesale by default.

• Enter a price for each price name
• Choose Includes VAT to set the gross price including VAT. When entered on an invoice, VAT deducts from this price
   EXAMPLE: If the price of the item including VAT is £100, the net amount is £83.33. The VAT is £16.67. If the price of the item is £100 excluding VAT, the net value is £100, and the VAT is £20
• You can change the names for the prices to something more suitable to your business. Do this in the Record and Transaction Settings
• Just use one or two prices. Choose which price to use in the Record and Transaction Settings

Sales Ledger Account

This is the ledger account where you store the total value of sales for this item.

Choose a suitable ledger account here. This should be a Sales or Income ledger account.

Store the value of all your sales in the same ledger account. Set this as the default in the Record and Transaction Settings.

Sales VAT rate

This is the VAT rate used by default when you add this item to a sales invoice or credit note

Usual Supplier

This is for you to note who you usually buy this item from.

Purchase Ledger Account

This is the ledger account where you store the total values of your goods in stock.

Choose a suitable ledger account here. This is usually an asset account, reported on your balance sheet.

Store the value of all your purchases in the same ledger account. Set this as the default in the Record and Transaction Settings.

Purchase VAT rate

This is the VAT rate used by default when you add this item to a purchase invoice or credit note.

Reorder levels and quantity

These options allow you to note when you want to reorder your stock items and the amount you usually reorder.

If the stock amount falls below the reorder level a warning triangle shows on the products and services list.

Opening balances

If you know how much stock you currently hold for this item, you can enter it here.

This updates the available stock for the item and will show as a Quantity on the Stock Movement report. Include a cost price to ensure the total value of your stock is up to date.

If you don't know your opening balance now, you can enter it later as a stock adjustment.

Additional information

Here you can record more useful information about your stock item for your own use.