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Accounting Items & Services

This section provides insights into the codes representing the services you offer, such as ocean freight, and their associated account names. These codes play a crucial role when managing Accounts Receivable (AR) and Accounts Payable (AP) operations.

For both AR and AP, items and services can be incorporated into invoices. Including them impacts the corresponding account by either adding to or deducting from it, based on whether the document is an invoice or credit.

How to Add an Item or Service:​

  1. Navigate to the Accounting Menu and choose Items and Services.

  2. Pick the desired item or service type. Note that an item won't be categorized as income or expense until you specify the account type for it. The available types are:

    • General: Ideal for items or services that don't fit under Freight or the other listed categories.
    • Freight: Primarily reserved for Ocean or Air Freight services.
    • Miscellaneous Freight: Use for freight-related items or services that aren't direct freight, e.g., Fuel Surcharge, Insurance expenses or revenue.
    • Inventory: Pertains to items in stock that you sell. Picking "Inventory" will unlock the "Assets Account" and "Inventory Item" options.
    • Tax: For tax-related charges such as duty taxes.

  3. Apply a sales tax to your items and services. To configure the sales tax, navigate to Chart of Accounts, click the Actions button, and then Tax Table.

  4. Input an item description and item code. The item code is a unique identifier for the item or service. It's used to identify the item or service on invoices and other documents

  5. Designate an account for the item or service in the general ledger. Choose the desired account based on the level of detail you want on your income statement. Depending on the linked account, the item or service can be labeled as income, expense, or cost of goods sold. For instance, a storage fee links to a Cost of Services account, while Ground Freight Income connects to a Ground Freight Income account.

  6. Specify a price. To auto-calculate the price, utilize the "Tariff" button.