Item

Item is the product or service you are providing to your customer.  You may enter an item or look it up. As you enter a message in the Type-Thru drop box, ObjAcct will find the best match.  You can also click on the down arrow at the right of the drop box to display the full list of items. Scroll down the list until you find the desired item and click to retrieve it for the sale.

The Item Sales Account will be used to record the income for the sale.

If the Item selected is a Stock Item, ObjAcct will automatically reduce the inventory quantity on hand by the quantity sold.  If inventory is stored in multiple sites and locations, the quantity on hand for the item site and location will also be automatically reduced by the quantity sold.

Also, General Ledger entries to record the reduction in value of the inventory account and increase in cost of good sold will be generated when the sale is saved.  The Inventory Account and COGS Account for the  Item will be used for the entries. 

If the Item Cost Method = "Average Cost", then cost defaults to the Item's Average Cost or the Site's Average Cost if the item is stored in multiple sites. 

If the Item Cost Method = "Standard Cost", then cost defaults to the Item's Unit Cost or the Site's Unit Cost if the item is stored in multiple sites.

You can enter description lines on sale documents by leaving the Item field blank and entering any additional text that should appear on the document in the Description field.  Any amounts entered in Quantity, Rate or Amount will be ignored for description lines.