Products are to be added to your customers orders. To be able to add a product to a order the product itself needs to be created under the Product section. Below is a guide how to create a product type Simple.
- Go to the heading Products
- Press the button: Create Product
Name: The product's name
Product Type: How the setup of the product will be, in this case, we will pick "Simple"
Product Category: In case you have product categories, this is where you choose which category the product falls into (reporting purposes)
Press Create Product
Next step is to update the charge details.
- Charge Details (Press Edit Charge Details)
- Name: Of the charge for the product (will be the standard name on the invoice line when invoicing the order containing the product)
- Charge type:
- Usage - Based on the client's usage of your service, billed in arrears
- One-Off - A charge billed only once
- Recurring - A recurring service the client will be billed for every billing period
- Measured - Similar to usage, but is billed in advance according to latest imported/updated quantity
- Model:
- Flat - A fixed price for the charge with no variables affecting it
- Quantity - A fixed price but per unit, in which quantity affects the total price for the charge
- Tiered - Different pricing tiers in which the quantity is charged for the amount per each tier (minus the amount for the previous tier) - for example, if the quantity hits tier 3, the first units before the 3rd tier will be charged according to those tiers
- Volume - When all quantity should be charged within the same tier - the quantity hits the one tier that the quantity is within, and all the units are charged with the same price that lies within that tier
- UOM: If Charge Type is Usage and/or model is Quantity, Unit of Measure is what the usage is a measure of, for example, users
- Price Period: What time period the price is based on
- Custom Fields: Set up these with your personalized preferences
Press Save
- Charge Pricing (Press Edit Pricing)
- Quantity Pricing
- If you want pricing only for your standard currency, input it in the field
- If you want more currencies and specific pricing for each, press the drop-down button, and add the currency you want, then input the price in the field
b) Price Tier (Volume / Tier)
- From: 0 if there is a flat fee, otherwise 1
- To: Tier roof
- Price: Price of each unit on that tier or a flat fee
- Price Base:
- Flat for a fixed price per the quantity in the tier
- Per Unit for a price per quantity
Add Tier
Save
Financial Properties (Press Edit Financial Properties):
- Billing period: Frequency the client will be billed
- Period alignment: How the billing will sync with the order
- Billing day: When to charge the client
- Revenue Recognition rule: How the revenue will be recognized
- Account receivable: At what account the receivable will be booked
- Deferred revenue: At what account the deferred revenue will be booked
- Recognized revenue: Where the revenue will be recorded
- Tax template: What template this client will have for taxes (More on tax templates)
- Tax included: If the tax is included in the initial amount, then activate this
- Save