To create a record for an item you buy, sell and inventory

If you haven’t already read the Items Overview, see An item you buy, sell and inventory for more information.

Note: Don’t feel pressured to inventory every item. When you mark the I Inventory This Item selection, you’re indicating that you want to track the item’s on-hand quantity and value. If you don’t need to track an item’s on-hand quantity and value, you don’t need to mark the I Inventory This Item selection.

The Items List window should be displayed.

Click New.

In the Item Number field, enter a unique number. You can use up to 30 numbers, letters and symbols.

The backslash character (\) serves a special purpose in MYOB Accounting Plus—any item number that begins with a backslash can be included on sales and purchase forms, but they won’t appear on printed forms.

Enter the name of the new item in the Name field using up to 30 characters.

Mark the three boxes labeled I Buy This Item, I Sell This Item and I Inventory This Item. As you mark these boxes, you’ll notice that other fields automatically appear in the window.

In the Cost of Sales Account field, enter the account number you want to use to track the costs associated with selling this item.

In the Income Account for Tracking Sales field, enter the account number you want to use to track the income you receive from the sale of this item.

In The Asset Account for Item Inventory field, enter the number of the account you want to use to track the total value of this item.

Next, you’ll enter purchasing information for the item. Click the Buying Details tab at the top of the Item Information window to display the Buying Details view.

In the Buying Unit of Measure field, enter the item’s buying unit of measure—that is, the method by which this item is packaged when you purchase it. Some typical units of measure are Each, Pair, Case, Gross, Hour and Day.

In the Number of Items per Buying Unit field, enter the number of items that make up one buying unit—that is, the number of items that will be added to your inventory each time you purchase one of these items.

The number you enter depends on how you count your inventory. While in many cases the number you enter will be 1, if you sell lamps individually, for example, you’ll enter 2 if you want your inventory to increase by two individual lamps each time you purchase one pair of lamps.

If you pay tax when you purchase the item, mark the box I Pay Sales Tax When I Purchase This Item.

The item will automatically be marked when you enter a line item for this item in the Purchases window.

Next, enter selling information for the item. Click the Selling Details tab at the top of the Item Information window to display the Selling Details view.

In the Base Selling Price field, enter the price at which you usually sell one selling unit of this item.

The selling price is the normal price for one selling unit on an item layout. For example, if you sell cans of soda in cases, enter the price of one case of soda.

In the Selling Unit of Measure field, enter the item’s selling unit of measure—that is, the method by which this item is packaged when you sell it. Some typical units of measure include Each, Pair, Case, Gross, Hour and Day.

In the Number of Items per Selling Unit field, enter the number of items that make up one selling unit—that is, the number of items that will be subtracted from your inventory each time you sell one of these items.

The number you enter depends on how you count your inventory. While in many cases the number you enter will be 1, if you buy lamps individually, for example, you’ll enter 2 if you want your inventory to decrease by two individual lamps each time you sell one pair of lamps.

If you collect tax when you sell the item, mark the box I Collect Sales Tax When I Sell This Item.

When you make a selection from this list, the item will automatically be marked when you enter it as a line item in the Sales window.

At this point, you’ve entered the item’s basic information. If you want more information about the Item Information window, read Other considerations when creating items.

Click OK to add this item to the Items List, then continue to Step 2, Enter the item’s opening quantity and value.