Items SetupNOTE: Items (Inventory) are only available on the Medium plan and above
The Inventory Item screen is used to setup Inventory Items you buy and/or sell in your business. This might also be for billing time and services in a more commoditised way. The accounting method you use to track Inventory is an important decision you make with your advisor so before proceeding ensure you know and understand what method you want to use.
Saasu uses the Perpetual Inventory System when you setup an item and tick Inventory.
Introduction to adding an Item
Some examples of items:
- Charge rate of $50 per hr
- Widget that you buy, sell, and store as stock on hand
- Callout fee for plumbing services
- Delivery charge based on a per km/mile rate
Adding a new Inventory Item
There are many uses for inventory. Selling time blocks and services along with the more traditional buying and selling of stock. The following example is just one method:
- From Dashboard, click on Add > Item
- Enter a Code and Description for the Item.
Important! Do not use commas (,) in your description, instead use (- or / ) examples.
- Check the appropriate box(s) for the item to tell Saasu whether you treat the Item as Inventory Item, Buy Item and/or Sell Item.
- Choose the appropriate Tax Codes and Accounts for each of these sections.
- Click Save and Close to finish or Save and Add Another to save this entry and start adding a new Inventory Item.
Setting your inventory Method
- Include this item in my Balance Sheet (inventoried) - if you want Saasu to track your stock on hand (note this cannot be changed after a transaction has been entered)
- I Buy - if you buy the item and want to find it when entering a Purchase Invoice.
- I Sell - if you sell the item and want to find it when entering a Sales Invoice.
- Voucher – if it is a voucher, and has an expiry period.
- Virtual Item – an item you sell, that is not physical stock e.g. Hosting fees, music downloads, e-books.
- Active – you can untick this if you no longer want the item to be traded. This will remove the item from the main Items list, however you will still be able to do accounting and reporting for the item.
- Visible – specifically for integrations, to hide or show the items based on this setting.
Editing/removing an Inventory Item
Any item without associated sales/purchase invoices can be edited/removed at any stage.
If the item has invoices associated with it, the system will not allow you to change the 'Is Inventoried' status. If you are updating the item name/description, make sure you re-select this item in your Recurring sales and purchases.
Note: If you delete any item, you must check your recurring setup to ensure the item is removed from there. The system does not update this area automatically.
Importing Inventory Item
Please see the Import Items help note.
Adding Stock Levels to Items
There are two ways we suggest updating stock levels:
- Using Item Opening Balances. Directly affect stock on hand levels, but it does not post to ledger accounts which means you will need to manually journal entries. Suit small quantities of stock.
- Using a Purchase Invoice.Enter a past-dated order to receive stock in, in effect recording the actual purchase at the time. Suit larger quantities of stock.
Both methods work depending on how much stock you have, and also based on the advice of your Accountant.
The Items List is used to search and edit Inventory Items you have already added to Saasu
- The first drop down lets you filter by Active or Inactive or -- All -- items. Inactive items are those that are no-longer available for sale, produced or stocked in your business. Saasu still keeps accounting records for Inactive Items.
- Use the next drop down to determine how you want to search. You can search by Code or by Description. Enter the start or part of the Code or Description in the field provided.
- Click the Show button to generate the list.
- You can click on the Code or the Description column headings to resort the list as required.
- You can also quickly search for an item by using Jump, which is the universal search bar in the top right corner anywhere in Saasu.
Visible - You can set an Item to visible so that in your database the Item is flagged to be displayed in your eCommerce product listings, in web pages and other related uses.
Inactive - This is a list of Items that you have previously used when entering transactions, but you no longer need to add entries. For example the Item is no longer going to be carried or purchased into stock or the Item is a service you no-longer provide. By placing an Item in the Inactive Items list, they do not appear in the drop down lists for transaction editing and report settings. You can later re-activate the Item by clicking the Edit icon next to the Item and checking the Re-activate this Item check box and saving the Item.