With Products, you can easily keep track of your inventory and make sure you always have an accurate record of items you buy and sell. Whether you are a small business owner or self-employed, the Products feature can help streamline your inventory management and monitoring process.
Getting Started
To get started, simply log into TrulySmall Accounting and click on the "Products" tab. From there, you can create new items, edit existing ones, and view your transaction history.
Creating Products
To add a new product, click on the "+ Add Product" button.
Next, fill in the required information such as the product name, SKU, description, selling price, buying price and taxes. You can also choose your preferred accounts for all sales and purchases. Click on "Add" when you are done.
The screenshot above shows an example of a product that is both sold and purchased. When creating the product, we chose a Sale Price of $100 and a Purchase Price of $30. The SKU, Description, Sell Price, Buy Price and Default Taxes 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 Product" 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 Products 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.
