Sales Items

This screen is used to add and maintain details relating to Sales Items.

Where the entity is not VAT registered, references to VAT should be ignored.

Active/Inactive Toggle

When visible Toggle the switch to set the sales item as inactive. Deactivate sale items if you do not want them to appear in drop-down lists.

Description

Enter description of item which will be shown in the drop down lists and on invoices.

Sales Item Code

This field may be used to hold a user-defined alpha-numeric code. If you enter a '+' the system will automatically insert the record id for the current item. This record id is guaranteed to be unique in Liberty Accounts - but may not be a consecutive sequence.

This code will be picked for inclusion as the item code when a "goods" style sales invoice or credit note are created.

Additionally this field is useful for entering codes that cross-reference codes in other systems and is also used for the invoice and bill uploads. Note that the codes are case-sensitive and must match exactly during uploads for an item to be loaded.

Item Type

Select type of sales item. Examples are services, products, discounts etc. Select from the drop down list.

Net Amount

Enter net value per unit of sale for the item. You determine what the unit of sales is, examples would be £400 per day for consultants, or £20 per widget. If usually the amount varies, leave as zero, and edit the Net amount when creating an Invoice.

VAT Rate

If relevant select a default VAT rate for sales of the item. If you are not sure which rate to set for an item you should consult your advisor.

Amount

The amount is the value of the item associated with this transaction.

Account

Select an account to which sales income for the item should be posted. If you are not sure which account to use you should consult your advisor. This is required.

By default the list of accounts offered for selection are Sales Income accounts however other accounts can be valid such as Prepayments and Accrued Income or Accruals and Deferred Income where prepayment schedules are being used.