4.2 Product and Services

Steps to Add a Product/Service:

Product And Services

1. Navigate to the Product/Service Section:

  • Go to your product or inventory management system.
  • Look for an option like Add Product/Service.

2. Basic Info:

  • Product Type: Choose whether the entry is a Goods or Service.

    • Goods: Physical items like electronics, furniture, etc.
    • Service: Non-physical offerings like consulting, repairs, etc.

  • Product Category: Select the category the product or service belongs to (e.g., Electronics, Furniture, Cleaning Services).

  • Product Group: Choose the product group under which this product/service falls (e.g., Smartphones, Office Chairs).

  • SKU No: Enter a Stock Keeping Unit (SKU) number. This is a unique identifier for the product, which helps in inventory tracking.

  • HSN Code: Enter the HSN (Harmonized System of Nomenclature) code for the product. This code is used for GST purposes and classification.

  • Unit: Select or enter the unit of measure for the product (e.g., Pieces, Kg, Liters).

  • Product Name: Enter the name of the product or service (e.g., iPhone 13, Office Chair).

3. Attributes & Values:

  • Define any specific attributes and their values. For example, for a product like Smartphone, you might have attributes like Color, Storage Capacity, etc., and specify values like Black, 128GB.

4. Other Info:

  • Bar Code 1: Enter the primary barcode for the product (if applicable).
  • Bar Code 2: Enter a secondary barcode (if applicable).
  • Description: Provide a detailed description of the product or service, highlighting key features, specifications, and other relevant details.

5. Price & Account:

  • Purchase Cost: Enter the purchase cost of the product or service (the cost at which you buy it from suppliers).

  • Sales Price: Enter the sales price of the product or service (the price at which you sell it to customers).

  • Purchase Account: Choose the appropriate purchase account from your chart of accounts (usually a Purchases account).

  • Sales Account: Choose the appropriate sales account from your chart of accounts (usually a Sales account).

  • GST: Select the GST rate applicable to the product or service (e.g., 18%).

  • GST Type: Choose whether the product is taxable under CGST/SGST or IGST based on your location and the product nature.

  • Tax Rate: Enter the tax rate percentage applicable to the product (if different from the default GST rate).

6. Inventory Tracking:

  • Track Inventory: Enable or disable inventory tracking for this product.

  • Initial Stock: Enter the initial stock available for the product at the time of adding it to the system.

  • Stock Value/Unit in INR: Enter the value per unit of stock in Indian Rupees (INR) (e.g., the cost or current market value per unit).

  • Inventory Tracking As Of Date: Enter the date when the stock count was made, such as 27/02/2025.

  • Reorder Level: Set the reorder level for this product, which triggers a reorder action once stock reaches this threshold. For example, if the reorder level is set to 10, and stock falls to 10 or below, the system will prompt you to reorder the product.

Product and Service List

SNO PRODUCT TYPE SKU NO PRODUCT NAME PRODUCT CATEGORY PRODUCT GROUP UNIT PURCHASE COST (INR) SALES PRICE (INR) TAX RATE
1 Goods 1 iPhone Consumer Products Smartphones NOS 50,000.00 60,000.00 GST 18%
2 Goods 2 Chairs Consumer Products Furniture UNT 1,000.00 1,500.00 GST 18%
3 Goods 3 T-shirts Consumer Products Clothing BOX 2,000.00 3,000.00 GST 18%
4 Goods 4 Cool Drinks Consumer Products Food Items NOS 100.00 150.00 GST 12%
5 Goods 5 Fresh Milk Consumer Products Dairy Products MLT 50.00 60.00 GST 0%
6 Service 6 Mobile Application Development Consumer Products Software Development Services NOS 20,000.00 30,000.00 GST 18%