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 the cash accounting basis.
What is a stock item?
Stock items are goods that you buy in and then re-sell to your customers, usually at a mark-up (i.e. you sell them for more than you paid to buy them!).
For example, an IT contractor might buy computers and keyboards to sell to her customers.
Setting up a stock item
Select 'Settings' from the drop-down menu in the top-right corner and then select 'Price List & Stock'.
If this is the first price list or stock item you’ve created, you’ll see the blank slate. Select 'Add a stock list item'.
If this isn’t the first item, select 'Stock Item' from the 'Add New' drop-down menu.
This brings up the 'Stock Item' box.
Give the stock item a name or code that you’ll use to refer to it when you buy or sell that item.
Your opening quantity is how many units of that item you had in stock as at your FreeAgent start date. If you didn’t have any, leave this as zero.
Put in how much you paid for those units of stock. This is your opening balance. If you didn't have any units of this item, this will also be zero.
Then choose which cost of sales category you’d like FreeAgent to use when you buy this item.
Select 'Create' to save this item, 'Create and Add Another' to save this item and start creating another stock item, or 'Cancel' to close the box without saving this item. Now that you’ve created a stock item you’re ready to record purchases and sales of that item.
Editing or deleting stock items
If you need to edit a stock item, select the 'Edit 'button on the right-hand side of the item.
If you want to delete a stock item, select the cross next to the 'Edit' button.
Why can I see a padlock instead of a cross?
If you’ve used that stock item (say, you’ve created an invoice that includes that item), then you won’t be able to delete it.
FreeAgent is registered with the Financial Conduct Authority under the Payment Services Regulations 2017 (register no. 799763) for the provision of account information services.
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