Products and Services of the business. It can also be any asset a business owns.
- Item Code – System generated and unique for every item.
- Item Description
- Barcode / SKU Code – Sometimes an item will have a barcode or a government issued SKU code.
- Category – Just basic categorization for easier identification of a product and service.
- Unit (Base Unit) – Base unit of counting, e.g., inventory-on-hand
- Remarks – Additional information of the item
Taxation and Subsidiary Information
- Purchase Tax – Default tax code when an item is purchased, e.g., VAT, etc.
- Sales Tax – Default tax code when an item is sold, e.g., VAT, etc.
- Default Account – Default account to which an item is a subsidiary.
- Purchase Account – Default account when purchased.
- Sales Account – Default account when sold.
- Cost Account – This is a default account if there is a direct cost associated to an item upon selling, e.g., Cost of Goods, etc.
- Is Asset – Check if the item is considered an asset, Inventory, etc. Once checked the item will be included in the asset reports, e.g., Inventory Report, Stock Card, etc.
EasyFIS supports multiple prices; an item can have multiple prices, e.g., SRP, Wholesale Price, Dealer Price, etc. Each item should have at least one price if intended to be sold.
- Price Description – The price description.
- Price (Value) – The price of the item in currency form.
EasyFIS supports multiple units of measure; multiple units are useful when the business purchases the items in bulk and sold it in pieces . It is required that an item should have at least one unit conversion equivalent to its Base Unit with a multiplier equal to one (1). If the item’s Is Asset is set to false the system will prevent you from adding units for conversion except for the Base Unit.
- Unit – The unit that will be converted to Base Unit.
- Multiplier – Is a value given to a unit that when used it is multiplied to the quantity in order to arrive to a value equivalent to the Base Unit.
EasyFIS supports automation of depreciation of Fixed Assets of a business. To do that you must define the following information.
- Asset Number (Asset Manual Control Number) – A number assigned by the business manually to an asset.
- Date Acquired – The date when the asset is acquired.
- Life in Years – Expected life in years of an asset.
- Salvage Value – The value when the life of an asset ends.
- Asset Account – The account to which the asset is a subsidiary of.
- Accumulated Depreciation Account – The account when the asset is depreciated.
- Depreciation Expense Account – The expense account when the asset is depreciated.
EasyFIS supports items with components. Only items that IsAsset is false can contain components.
- Component Item – Component items are any items with IsAsset is true.
- Unit – The Base Unit of the component item.
- Quantity – Quantity of the component item.