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Configuring Product Settings

What are Product Settings?

This is where you can set global defaults for the accounting treatment that will apply to records in your CRM when you are creating, buying or selling products e.g. when creating Products, Quotes, Requests For Quotes, Sales Orders, Purchase Orders and Invoices in your CRM.

Accessing Product Settings

  • Navigate to the Admin section on the menu bar and select General.
  • Scroll to the bottom of the page to access your Product Settings.

Accessing your Product Settings

Product Settings you can configure

To configure the majority of these settings, you will need to have linked an accounting system to your CRM (such as Xero or MYOB) as the GL codes and tax rates will be pulled across from your accounting system to populate your choices in Product Settings – if there is no accounting system to reference, these fields will remain blank.

If you do not have an accounting system linked, you will only be able to set the default tax rates for sales and purchases, and the only choices available here will be ‘GST’ or ‘No GST’.

The following fields are available for configuration:

Global accounting rules that will apply to your system

  • Default Sale GL Code
  • Default Purchase GL Code
  • Default Asset GL Code
  • Default COGS GL Code
  • Default Tax Rate (Selling)
  • Default Tax Rate (Purchasing)

Make sure you click on Update to save and apply any changes you make.

The configurations you apply here will feed through to the following modules in your CRM: Products, Quotes, Requests For Quotes, Sales Orders, Purchase Orders and Invoices.

When working with Quotes, Requests For Quotes, Sales Orders, Purchase Orders and Invoices, you are able to modify the default tax rate that has been applied. When working with Products and Invoices, you are able to modify the default sale GL codes.

How Product Settings are applied

Different settings are used to handle Products, based on whether you buy or sell them and whether or not you need to inventory them.

The CRM will track Products that you inventory by way of the Default GL Asset Code field, which is used to keep track of your stock on hand, using an asset account of type ‘Inventory’ – each time a sale is made, the stock on hand will reduce.

In addition, whenever a sale is made, the Default COGS GL Code field is used to track the Cost of Goods Sold (COGS), which will automatically be increased.

Sale and purchase settings
  • Default Sale GL Code – this is used to track the sale of products. The default rate can be overridden if desired.
  • Default Purchase GL Code – this is used to track the purchase of products. The default rate can be overridden if desired.
Tax rate settings
  • Default Tax Rate (Selling) – this is the default tax rate that will be applied on Quotes, Sales Orders and Invoices. The default rate can be overridden if desired.
  • Default Tax Rate (Purchasing) – this is the default tax rate that will be applied on Requests For Quotes and Purchase Orders. The default rate can be overridden if desired.
GL code settings

These choices will allow you to track the asset value of stock on hand and increase your Cost Of Goods Sold (COGS).

  • Default Asset GL Code – an asset account of type ‘Inventory’ is used to track the value of stock on hand. Every time you make a sale, the system will reduce the asset value of the stock on hand (Asset GL Code) and increase our cost of goods sold (COGS GL Code).
  • Default COGS GL Code – an expense account to track the Cost Of Goods Sold (COGS). Every time you make a sale, the system will reduce the asset value of the stock on hand (via the Asset GL Code field) and increase your Cost Of Goods Sold (COGS).
Changing the applied default tax rate

When working with products in Quotes, Requests For Quotes, Sales Orders, Purchase Orders and Invoices, you can change the default rate that has been applied by clicking on the GST field to reveal further options to choose from.

Click on the GST field to change the default tax code applied to an item

Change the GL code on an Invoice

By default, GL codes are not automatically visible in your CRM – you need to enable this setting before you are able to manually adjust the code when you are working with Invoices.

You can enable this setting on the same page you are currently on (Admin>General) by scrolling up the page to the Invoice Settings section and ticking the box next to the Display GL Codes field. Once you have changed this setting, make sure you click on Update at the bottom of the page to apply the change.

How to enable GL code visibility in your CRM – ensure you save the change

 

On the Invoice form, you can then see and change the default code that has been applied by clicking on the GL Code field to reveal further options to choose from.

Click on the GL Code field to change the default GL code applied to an item

 

Change the GL code for a Product

When you create or edit a Product, you will automatically see and be able to change the applicable default codes that have been applied by clicking on the Purchase or Sale GL Code fields to reveal further options to choose from.

Note that these fields will only be visible on the Product form if you have connected an accounting system to your CRM.

Creating a new Product and changing the default GL codes

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