Step 1: Go to “Inventory” tab and click on mirror of location to add the location of product in warehouse or point of sale.
To add new location, Click on “location” and that will take you to the location setup.
Select Item location by clicking on the mirror icon before “Item location code”. Select the location where you want to create a sub-location. Write down Sub-Location code (Should be an alphabet always) and description and click “Save”.
Select a sub-location to add a trans location. Write down code and description and click “Save”.
Step 2: Give a minimum level to the product. Minimum level is defined to keep an eye on inventory. When a product reaches to a minimum level of quantity, you will receive an alert at the time of product issuance.
Step 3: Set a re-order level for the product. It will help you when you are going to make a purchase order to your vendor. Keeping minimum level ad re-order levels same will be beneficial as once you get an alert of minimum level, you’ll get to know that you should re-ordering this product before its getting out of stock.
Step 4: Move to the “Sales” tab and set a sale price for the product. Sale price will appear when you are going to sale out a product against invoice. If you offer customer points on sale, you can set the points for each product.
Note: Sale Price is editable on sale invoice.
Step 5: Revenue a/c (Income account) is for you if you are maintaining a chart of account at the back-end. Giving a specific revenue account for a products means that when product will be sold out, its revenue will be automatically transacted to the given account. Click on the mirror icon to assign a revenue account.
Step 6: Click the mirror icon to assign a “Stock Out” account for the product. By assigning stock out account, upon issuance of stock, your assets account will automatically be credited.
Step 7: Define Tax Percentage applicable on sales of the product. If there are no taxes applied on sales of the product in your region or organization, put a numerical “zero” in all fields.