With the Goods & Services feature, you can easily manage frequently purchased or sold items, including services and non-inventory goods. These items can be quickly applied to invoices, bills, and expenses, saving you time on manual entry. Whether you’re a small business owner or self-employed, this feature can help streamline your operations and monitoring.
Getting Started
To get started, simply log into TrulySmall Accounting and click on the "Goods & Services" tab. From there, you can create new items, edit existing ones, and view your transaction history.
Add a new Product
To add a new product, click on the "+ Add a good or service" button.
Next, fill in the required information such as the product name, SKU, description, selling price and buying price. Choose how the service is billed by changing the unit of measurement: per item, or by the hour, day, week, or month. You can also choose your preferred accounts for all sales and purchases. Click on "Save" when you are done.
Note: The SKU, Description, Sell Price and Buy Price fields are optional.
Editing Products
If you need to make changes to an existing product, simply click on the product in your list and click on the "Edit good or service" button.
From there, you can update any information or make changes to the product's settings. You can also view a history log of any changes that were made in the past.
By default, all sales are recorded in an "Income" account that includes the product name. Likewise, all purchases are recorded into a "Cost of Goods Sold" account that includes the product name.
You cannot modify the selected accounts once a product has been created. However, you can create a new product with your preferred accounts and delete the old one.
Using a Product
To use a product when entering income or expenses, all you need to do is select it from the Product dropdown box.
The Photographic Book we set up earlier can be used in income or expense transactions, since we saved it with both a sale price and purchase price. The correct price will be applied automatically.
Viewing Sales and Purchases Reports
One of the most useful features on the Goods & Services page is the ability to view your year-to-date sales and purchases. This summary allows you to see how much you have sold or purchased in the current year.
Additionally, you can generate a Purchases and Sales report under the Reports section. This report includes a breakdown of quantities, total amounts and average amounts of each product within the selected period.
