How to create a new stock item
This article explains how to create a new stock item in FreeAgent.
Please note that FreeAgent's stock functionality won't be available if you have an unincorporated landlord account or if you're preparing your accounts using cash basis accounting.
Stock items are goods that you buy in and then resell to your customers. To create a new stock item, select 'Settings' from the drop-down menu in the top-right corner and then choose 'Price List & Stock' in the ‘Email, Invoices & Estimates’ section.
If this is the first price list or stock item you’re creating in FreeAgent, select ‘Add a stock list Item’.
If you’ve already created your first stock item, select ‘Add New’ in the top-right and choose ‘Stock Item’ from the drop-down menu.
This brings up the ‘Stock Item’ box.
Enter a name or code for the stock item in the ‘Name/Code’ field. This will help you identify the item when adding it to a bill or invoice. Please note that the name or code that you enter won't appear on your invoices.
Enter how many units of that item you had in stock as at your FreeAgent start date in the ‘Opening Quantity’ field. If you didn’t have any, leave this as zero.
Enter how much you paid for those units of stock in the ‘Opening Balance’ field. If you didn't have any units of this item, this will also be zero.
Cost of sales category
Select which cost of sales category you’d like to allocate purchases and sales of this item to. You can add a new cost of sales category if you need to.
Once you’ve entered all the necessary details for the stock item, select 'Create’ to complete the process. If you need to add additional stock items, select 'Create and Add Another'.
Once you’ve created the stock item, you can record the sale and purchase of that stock item in FreeAgent.