Inventory item defaults

As we previously set up default information for our customer and vendor we can also set up default information for inventory items like most common information for all inventory items, for this we go to maintain menu here we select default information option and then select inventory items option.

The window will be open and display on your screen here you can see 5 tabs which are General, GL account/costing, taxes/shipping, Custom fields, Price levels…

The 1^st tab which is General tab it is used to make basic choices about how inventory items will be handled in Peachtree.

The 2^nd tab which is GL accts/costing is used to set up the default or most common General Ledger accounts for each item class in inventory like in above figure for stock item class we set in GL Sales acct the sales I.D and in GL Inventory we set inventory general ledger account and in GL Cost sales we set Cost of goods sold I.D and in costing column we can select LIFO or FIFO Method according to company policy. So this information will be set automatically and appear when we make inventory stock items.

The 3^rd tab which is taxes/shipping is used to set up default tax type categories and shipping methods for your inventory items. Like some items are tax free so we can check the box of Exempt for them and some are tax chargeable at regular rate for this mark the box.

The4th tab shown in the upper figure is Custom Fields tab its function is similar as explained in customer defaults. However it is used to set up custom field names for your customer records. It is used to add extra information about items.

The 5^th and last tab of this window is Price levels tab which is used to set up sales price levels for your items. Through this tab you can charge different prices to different customers. For example, a regular customer who buys large quantities of an item may get a better price than the occasional customer who only buys one of those same items. You can give discounts to your old and regular customer by setting up price level for these specific customers. For this you click on the price level edit column the small box will be open which is mentioned below here you can increase or decrease your price by setting some percentage and can be round off your price by specific cents or can do no rounding. After setting price press the OK button.

After doing all the default settings press the OK.