Creating a Product

You can create a new product or service item from various places in RefineBooks even you are in the middle of entering sales invoice or purchase bill.

  1. By using New + option available in the header bar.
    Add Product 1
  2. Using Add product option available in sales invoice and purchase bill.
    Add Product 2
  3. Using Add Product button available in Products-> Setup in the left side menu.
    Add Product 3

Once you select the option of adding product, it will open a new window where you are required to enter various details for the product or services.

  1. Product Name
    Enter the name of the product. The maximum length of the product name is 40. Also, every product should have a unique name.
  2. Product Description
    Enter the standard product description. This description will be auto-populated in sales invoice and purchase bill. You can also edit the auto-populated description at the time of creating sales invoice or entering purchase bill.
  3. Standard Unit
    Select the unit applicable to the product or service. If you did not find the unit applicable to your product or service, then please write to support@refinebooks.com and we will add that unit type.
  4. Did you sell this product?
    Select Yes if you are selling this product. Only those product will appear at the time of creating sales invoice which you are selling.
  5. Did you purchase this product?
    Select Yes if you are purchasing this product. Only those product will appear at the time of entering purchase bill which you are buying.
    Add Product 4
  6. Setting up Sales Details
    This option is only available when you are selling this product i.e. when you select “Yes” in point 4 above. Sales Account – Select the account in which you want to book the income from sales of such product or service. Only account with the nature of Sales, Direct Income, Indirect Income & Suspense will appear here.Standard Sale Price – Enter the standard sales price of the product. You can also edit the auto-populated sale price at the time of creating sales invoice.

    Standard Discount – Enter the standard discount on the product. You can also edit the auto-populated sale discount at the time of creating sales invoice. Leave blank in case standard discount is not applicable to your trade.

    Default Sales Tax Name – Select the default tax name which is most commonly used on the sales of this product. Only those sales tax name will be shown which is having Output Tax or Other as Tax Type. You can also edit the auto-populated sale tax name at the time of creating sales invoice.

  7. Product Sales DetailsSetting up Purchase  Details
    This option is only available when you are buying this product i.e. when you select “Yes” in point 5 above. Purchase Account – Select the account in which you want to book the expense from purchase of such product or service. Only account in the nature of Purchase, Direct Expense, Indirect Expense & Suspense will appear here.

    Standard Purchase Price – Enter the standard purchase price of the product. You can also edit the auto-populated purchase price at the time of entering the purchase bill.

    Standard Discount – Enter the standard discount on the product. You can also edit the auto-populated purchase discount at the time of entering the purchase bill. Leave blank in case standard discount is not applicable to your trade.

    Default Purchase Tax Name – Select the default tax name which is most commonly used on the purchase of this product. Only those purchase tax name will be shown which is having Input Tax or Other as Tax Type. You can also edit the auto-populated purchase tax name at the time of entering purchase bill.
    Product Purchase Details

  8. Setting up Stock  Details
    This option is only available when you select an account which is having sales nature in Sales Account and purchase nature in Purchase Account. This option is only useful when you want to track the stock of the product. Stock Account – Select the account in which you want to track the amount of the stock. Only account which is in the nature of Stock and Investment are available here.Opening Balance (Units) – Enter the opening balance units of the product at the time of moving your account to RefineBooks.

    Opening Balance (Amount) – Enter the opening stock amount of the product at the time of moving your account to RefineBooks.
    Product Stock Details

  9. Click on Save.