Can be requested?

Select Yes/No to indicate whether or not the product can be requested.
If you select No, all its purchasable products are removed and the item can no longer be purchased.

Can be purchased?

Select Yes/No to indicate whether or not the product can be purchased.

If you select Yes, a PIR must be created to be able to purchase the product.

If you select No, all purchase items are removed and the item can no longer be purchased.

If a product can both be requested and purchased, it becomes its own purchasable product.

Comment

Enter a comment about the product, if any.

Allow purchase via order line

Select Yes / No to allow purchase through an order line. If you select No, the product will not be visible in the item list of the order line.

Average valuation start date

Defines the date from which the stock item batches have to be included in calculating the average stock value.

For example,
if the Start date is set to 1-1-2013, all the movements-in (of the stock item batches) and the receipts from this date and later will be used for valuation.
If this field is empty, all stock item batches are included.

This helps in suppressing old prices that have an influence on the average price.

Distribution points

Displays the code and name of the distribution points in which the product is present as a stock item.

Linked purchasable product

Displays the description of the linked purchasable product(s).
Purchasable products are the different varieties of a product available for purchasing.

Standard cost category

Select a standard cost category from the list.

Standard cost type

Select a standard cost type from the list.

Product size

Enter the product dimension – its length, width and height.

Purchase group

Select a purchase group from the pick list.

Photo

Select a file (containing the photograph) of the product from the directory.

Purchase information

Displays all the vendors of the product including price and other terms and conditions of the product (that is PIR) It also indicates which PIR is the default one.

Requesting precision

Specify how many decimals are allowed when requesting the product.
The requesting precision ranges from 0 to 4 decimals.

Standard asset

Select a standard asset to automatically create asset(s) for received products.
If a standard asset is already selected, on confirming the receipt of a purchased product, an asset based upon the standard asset is created automatically.

Update quantity if # of persons changes

Select Yes / No.
If you select No, the order quantity on the order line remains unchanged, when you modify number of persons on the order.
For example, there is a meeting reservation for 4 people. An order is created with two order lines, one for four cups of coffee (Yes was selected) and the other for one flip board (No was selected).
If the number of persons attending the meeting is changed to 6, the quantity remains unchanged on the order line created for the flip board (as No was selected), while the quantity is updated to six on the order line for coffee (as Yes was selected).

Valuation method

First-in First-out (FIFO): This method automatically increases the value of the stock when there is a movement of goods into your distribution point, such as confirming a PO receipt/a positive stock modification/an issue return and receiving a stock transfer.

For FIFO, the products are retrieved from the first created (non-depleted) batch first.

Last-in First-out (LIFO): This method automatically increases / decreases the value of the stock as described in the FIFO method of valuation.

In LIFO, the products are retrieved from the last created (non-depleted) batch first.

However, in LIFO, when a stock item is moved out of a distribution point, the products are retrieved from one or more stock item batches.

Average price: This method automatically increases / decreases the value of your stock as described in the FIFO method of valuation.

For average price calculation the products that move out are retrieved using FIFO.

For the Moving Average price, the calculation of the stock value is done on the average stock item price.

On a movement-in, the value of that batch is added to the value of the stock and the average stock item value is recalculated by dividing this by the total number of items in stock.

At this moment, a rounding of the stock value is done. To deal with rounding of the average value, the total value is recalculated again, so that it reflects exactly the average value multiplied by the number of items in stock.

If you want to change valuation methods, for example, from FIFO to LIFO, you first have to change from FIFO to 'None' and then select LIFO. This will delete all the previously existing valuation records.

General data

Code

Enter a code for the product.

Description

Enter a description for the product.

Product group

Select an item group from the list.

Brand

Enter the brand of the product.

Item type

Enter the item type.

Price (excl.VAT)

Enter the price excluding tax in the pop-up. This is the sales price of the item.

Price submitted on

Select a price submitted on date.

VAT tariff

Select the VAT tariff type from the list.

Product unit

Select a product unit from the list.