How to Add an Item?

English Template (1).png

Items are the products and services you buy and sell. Adding them to Wafeq lets you select them on invoices, bills and other transactions, with their prices, accounts and tax rates filled in automatically. You can also track the inventory of products so their quantities and costs update with every purchase and sale.

To add a new item, follow these steps:

Step 1: Open the Items page

From the side menu, go to Inventory, then select Items.

Step 2: Click Add

Click the Add button at the top of the page to open the Create product or service form.

Step 3: Fill in the basic information

The Basic information section is required. Fill in the following fields:

Name of product or service: Enter the name that will appear on your transactions.
Item type: Choose Standard for a regular product or service, or Assembly for a manufactured product that you build from other items.
Inventory Tracking: Choose Tracked if you want Wafeq to track the item’s quantity in stock, or Not tracked for services and items you don’t keep in stock.
Costing method: Appears when you select Tracked, and always for Assembly items. It sets how Wafeq calculates the cost of each sale:
- Weighted average (default): Each sale is costed at the average cost of the units on hand.
- FIFO (first in, first out): Each sale is costed from the oldest units on hand first, so the stock left is valued at your most recent purchase costs.

Note: You can change the costing method of an existing item later. When you save the change, Wafeq recalculates the cost of goods sold of this item’s sales from a date you choose.

Step 4: Set the unit of measure (optional)

In the Units of measure section, select the unit you sell and buy this item in, such as kg or ton. If you leave it empty, the default unit "Unit" is used automatically.

If you trade the item in more than one unit, click Set up multiple units.

Step 5: Add product or service details (optional)

Expand Product or service details and fill in:

Product or service code: An internal code or SKU that helps you find the item quickly.
Description: A short description of the item.

Step 6: Enter the selling details (optional)

Expand Selling and fill in the details that Wafeq will use when you add this item to sales transactions:

Selling price: The default price you sell the item at.
Revenue account: The account where the revenue from this item is recorded.
Revenue tax rate: The tax rate applied when you sell the item.

Step 7: Enter the purchasing details

Expand Purchasing and fill in the details that Wafeq will use when you add this item to purchase transactions:

Purchase cost: The default cost you buy the item at.
Expense account: Required for tracked items. It is filled in with 511 - Cost of Goods Sold by default, and you can change it.
Purchase tax rate: The tax rate applied when you buy the item.
Preferred supplier: The supplier you usually buy this item from.
Supplier purchase prices: Set the cost for each supplier, active supplier currency and purchase unit by clicking Set up suppliers. Purchase planning uses the matching price when available.

Tip: The optional Quantity formula section lets you multiply custom line item fields and fixed numbers to set this item’s quantity on each line. Leave it empty so users can enter the quantity manually.

Step 8: Add photos (optional)

Click the + button next to Add photos to upload pictures of the item.

Step 9: Save the item

When you’re done, click Save at the top of the page.

Your item is now added and ready to use in your sales and purchase transactions.