Setting up of a Non Stock Product Category that is a form of a service

Overview

There are a fews steps involved in setting up a Non Stock Product Category and assigning a different General Ledger Account.

The set up example below is for a Restocking Fee.

Procedure

Setup of the General ledger Account

Firslty work out where in the chart of accounts. Eg restocking fee falls under Cost of Goods, however if you wish to track money received for levy from schools that would be in the liability section etc.

Set up the General Ledger Account to stand for the Restocking Fee eg 62037
Log onto Readysell>Financials>Accounts>List View
Go to the area of the chart that begins with 620
Highlight one of the accounts eg 62030 and click on Copy in the top ribbon
Change the account to be 62037
Change the Description to be Restocking Fee
Click on Save

Setup of the Product Category

Log onto Readysell>Administration>Product Categories
Firstly check to see if the category exists in the Non-Stock Products area. If it does check it, if it doesnt then add it
Click on Non-Stock Products and click on NEW
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Insert the Name = Re Stock Fee
Parent Category = Non Stock Products
Description = Re Stocking Fee
Category Type = Non Stock Products
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On the Accounts tab add the general ledger account you just set up for restocking fee 62037 to the Sales Field.
If there is a cost on the restocking fee you may wish to break that up to a different general ledger account or have it go in and out of 62037.
In that case you would add the appropriate gl account to the cost of goods sold field and the sold stock field or use 62037 in both of these fields otherwise leave it blank.
By leaving all other fields blank in the Accounts sections the system will dissect against the general ledger accounts that are assigned to the Parent on Non Stock Products Category
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Click on the General Tab and decide which Costing Method you wish to use. Normally for restocking fee it is set to NONE. This is totally up to you
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Click on Save

Set up the Product

Log onto Readysell>Inventory>Products
Click on New
Productid = RestockingFee
Category (select) = Restock Stocking Fee from the Non Stock product category that you just set up
Name = Restocking Fee
Click on the Tab of Settings
Tax Code Buy = INP
Tax Code Sell = GST
Check all other settings and turn all flags off
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Check all other settings on the other tabs
Click on Save and Close