This method of adding a product to the system is suitable for you if you sell services or sell goods and do not want to use inventory tracking.

1. Add new products from Inventory > Products > New product

2. Fill in the required information

Required fields:

• Code – The code must contain at least two characters. It can be, for example, an official product number or a number series of your own choosing.
• Name – You can name the product using its official name or any name you prefer, for example “Tennis racket”.

Optional fields:

• Purchase price – You can specify the product’s purchase cost price.
• Sales price calculation – You can choose the method for calculating the selling price. It can be a “Markup percentage“, calculated from the purchase price, or a “Fixed selling price“, which is automatically applied to invoices.
• Description – Here you can optionally add more detailed background information or a product description. For example, “Wilson W 250, women’s professional racket”.

Select Service product as the product type and save. Once the product is saved, you can easily add it to, for example, a sales invoice, billable jobs, or a quote.

Add products to the system in this way if you want the system to track the quantity and value of products in stock based on purchased and sold items.

If you do not want to change the inventory settings, set up a new warehouse, or create a new inventory account, you can read only step 4 of this guide.

Step 5 explains how to add stock balance, i.e. products available for sale, to the warehouse.

• You can access warehouse settings from Settings > Environment settings > Warehouse settings.

Configure the warehouse settings

• Automatic numbering formula for inventory entries can be, for example: %Y%M%3N= 2404001 (in this case it would be the first inventory entry of April 2024).
  • You can read more about automatic numbering here.

• There are three options for determining the cost price.

• There are also three options for the inventory valuation method. In Finland, the FIFO method (First In, First Out) is commonly used.

Once you have configured the appropriate settings, save and proceed to step 2.

Before creating a new warehouse, set up a new accounting account for the upcoming warehouse. The new account is created from Accounting > Accounts > New account. Add a suitable name for the account (warehouse), for example “Tampere warehouse”, and save.

A new warehouse is created from Inventory > Warehouses > New warehouse.

Select the accounting account you created in the previous step for the warehouse, give the warehouse a name (e.g. Tampere warehouse), and save.

New products are added from Inventory > Products > New product.

Required fields:

• Code – The code must contain at least two characters. It can be, for example, an official product number or a number series of your own choosing.
• Name – You can name the product using its official name or any name you prefer, for example “Tennis racket”.

Optional fields:

• Purchase price – You can specify the product’s purchase cost price.
• Sales price calculation – You can choose the method for calculating the selling price. It can be a “Markup percentage“, calculated from the purchase price, or a “Fixed selling price“, which is automatically applied to invoices.
• Description – Here you can optionally add more detailed background information or a product description. For example, “Wilson W 250, women’s professional racket”.

Select Inventory product as the product type and save.

Products can be added to the warehouse either via purchase invoices (guide) or by entering an opening stock balance (guide).

When you select the inventory account on a purchase invoice line (see point B above), the system adds the product to that warehouse.

You can select the newly created product in the Product field on the purchase invoice. The system will suggest the product as you start typing its name.