Hello. We wanted to create a service item so that we could post invoices for services done for customers. The invoice is a VAT invoice which will charge 5% on the service amount. This item should not affect the inventory but should show up as revenue.
Here's a summary of what I have done and what I am not sure about. Please advice.
1) Created Item with itemtype Service.
2) Created an Item Group called Service and it posts revenue (Under issue invoice) to a ledger account called service which I created (4110186001). Packing Slip account (1170911002) and Packing Slip offset account (1130901001) have been filled by default from system. Please see screenshot below, is this all or should I put anymore ledger accounts in fields like commission etc..
3) Inventory Model Group
I created a new inventory model group name called SER (SERVICE). Please can you advice which of the following are to be ticked and what happens when they are... Screenshot attached below.
4) Inventory Model
I am not sure which Inventory Model to go for. Please Advice.
5) Inventory Dimension
I know I should be creating a separate inventory dimension since we don't have a warehouse for the service. The service can be a shipment clearing service for a customer. How should I modify this? Please advice. (Screenshot below).
6) Inventory Unit, Sales Unit and Purchase Unit
These have been selected as Unit Each. Is that ok for a service item?
7) Price Update
As below, our system mandates ticking both the boxes of Latest Purchase Price and Latest Cost Price and Base Price as Purchase Price. Is this correct in case of a service item?
8) Should there be any changes in the posting profiles?
Are there any other settings required for the item which I am missing. Requesting your advice at the earliest. Thanks in advance!
