Products

The Products page allows creating products that are used to easily buy or sell items via transactions within Invoiced.ai. Depending on your subscription level, products support various pricing strategies and can maintain their stock levels within the warehouse. Products can be purchased (and have their stock increased) via purchase orders and other AP transactions. Products can be sold (and have their stock decreased) via AR invoices. You can also manually update inventory levels via inventory adjustments.

Products Table

A summary of all products can be viewed in the table. The table supports the following fields:

• Product #: the unique number associated with product. See Number Sequencing to configure this.
• Name: the name of the product as it will appear throughout your organization's dashboard.
• Description: the description of the product as it will appear throughout your organization's dashboard.
• Dynamic Cost: the dynamically-calculated cost of this product if you enable dynamic cost.
• Inventory on Hand: the quantity you have on hand based on the quantity purchase less the quantity sold.
• Sellable Inventory: the quantity you can sell based on the quantity purchased less the quantity sold and the quantity quoted.
• Projected Inventory: the quantity projected based on on the quantity purchased less the quantity sold and the quantity quoted plus the quantity to be purchased.

To view an existing product, click the view icon. To create a new product, click the Create button.

Configuring Products

After clicking view or Create from the table, you can configure a product.

Essential Details and Create Product

The Essential Details tab and the Create Product screen support the following fields:

Basic Information

• Product #: the unique number associated with the product. Leave blank to use the auto-generated number from your Number Sequencing configuration or enter the desired number if your number sequencing configuration allows doing so.
• Name: the name of the product as it will appear throughout your organization's dashboard.
• Taxable: indicate if the product should be taxable in transactions.
• Stock Item: indicate if the product should be treated as a physical product with stock.
• Dynamic Cost: when stock item is enabled, indicate if this product should have its cost calculated dynamically.
  • This is calculated by taking the value of all stock that has entered the inventory (quantity x cost) -- such as via purchase orders, AP invoices, and inventory adjustments -- and dividing it by the quantity to get the average unit cost.
• Cost: the fixed cost of the product if not using dynamic cost.
• Pricing Type: the pricing type of the product, with Fixed Markup and Percent Markup available for Growth plans.
  • Fixed Price: the price of the product can be entered into the Price field.
  • Fixed Markup: the product will be marked up over the cost value by the currency value entered in the Markup field.
  • Percent Markup: the product will be marked up over the cost value by the percentage value entered in the Markup field.
• Reorder Threshold: alerts and notices to reorder the product will begin when the Inventory on Hand is at or below this quantity.
• Tax Rate: if the product is taxable, a tax override can be entered here. Taxable products will use the organization's default tax rate if an override is not set.
• Weight: the weight of the product; used for packing slips.
• Length, Width, and Height: the dimensions of the product; used for packing slips.
• Description: the description of the product as it will appear throughout your organization's dashboard.

Vendor Cost Table

In the event that you purchase the same product from multiple vendors, you can configure per-vendor costs and other product details in the table. The table supports the following fields:

• Vendor: a vendor that you purchase the product from.
• Product #: the vendor's SKU or product # for your reference.
• Cost: the cost the vendor charges for this product. When purchasing this product from this vendor via a purchase order or AP invoice, this value will populate instead of any other costs associated with this product.