Magaya Software Accounting Manual

ADD ITEMS AND SERVICES
• Other Freight: Use for items (or services) that relate to freight but
are not actual freight such as Fuel Surcharge cost and income.
• Inventory: Use this for items that you keep in your inventory and
sell. If you select “Inventory” then the “Assets Account” and “Inventory
Item” dropdowns will be available.
3) For the “Tax Code” field, select a sales tax to apply to the item or service.
(To set up the sales tax, go to Chart of Accounts, Actions button, Tax
Table.)
4) Enter a description of the item. The “Code” field will fill in automatically
based on the description.
5) Select an account the item (or service) will refer to in the general ledger
(select the account you want when you run your income statement to see
this item reflected in, depending on how detailed you want your income
statement to be). The item (or service) will be income, expense or cost of
goods sold depending on what account it is related to. For example a
storage fee is assigned to a Cost of Services account. Ground Freight
Income is assigned to a Ground Freight Income account.
6) Enter a price. If you want to have the price calculated, use the “Tariff”
button. For details on using the Tariff dialog box, see Chapter 2 in the
Magaya Software Customization Manual.
7) If you check the box to indicate this is a resale item, the fields below the
checkbox will become available:
• The checkbox “Create related resale item automatically” is used if
you want your Magaya system to automatically create a resale item
when either a manual expense or income charge is created.
• Income Item (or Expense Item): If you selected an Income Account,
then this field will be “Income Item”.
• Preferred Vendor: This may be grayed out.
• Assets Account: For purchasing inventory and reselling it. (This will
be activated when you select the Type as “Inventory”).
• Inventory Item: Select from the items in the dropdown or add a new
item. (This will be activated when you select the Type as “Inventory”).
This pulls from information from the Inventory Item Definitions
that are located in the Warehousing folder.
8) Click the OK button when done. The item (or service) now appears in the
list.
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