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Introduction

A product or service is exactly what it sounds like - items that you sell to your clients and customers. Products and services have some crucial differences that you should be aware of when creating them.

Products;

  • Are usually items that you make or manufacture. They are sold per item or per quantity of items.
  • Can be made of things you manufacture or one of your supplier manufactures.
  • You can manage stock of your products.

Services;

  • Are usually items that you provide as an hourly or daily rate, for example graphic design or accounting consultations.
  • Can be sold as a group of services or an individual service.
  • Are recorded against an hourly or daily rate.

Complex products/services;

  • Allow you to group products and services together to create a new item.
  • For example, you could sell "toilet repair" as a complex service, made up of physical items such as piping and hourly services such as labour.

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Last updated on 25 July, 2017


Introduction :: Knack Knowledgebase :: Business Management Software


Adding a Product

Products are usually physical items that you sell, such as furniture or equipment.

You can add a product by either;

Categories

  • Products can fall under any category that you have created.

Managing Stock

  • If you select the "manage stock" option for a product, stock will be deducted when you invoice an item.
  • Managed stock items cannot be quoted or invoiced if stock is zero.

Item Cost

  • This is the cost of the item to manufacture and may be your own cost or a supplier's cost to you.

Min Quantity

  • This is the minimum quantity allowed to be added to a quote or invoice.

Charge

  • This is the amount that you are charging your customer.

Profit

  • This is calculated automatically and is equal to the charge minus the cost per item.

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Last updated on 25 July, 2017


Adding a Product :: Knack Knowledgebase :: Business Management Software


Managing Product Stock

Product stock allows you to keep track of the amount of stock you have available of any product, and prevent invoices going out with stock you do not have available. Important notes on stock;

  • You can manage a product stock by selecting the "manage stock" option when editing or adding a product.
  • Stock that has a zero available quantity cannot be added to quotes or invoiced. A warning is generated when a user attempts to add zero quantity stock.
  • Stock is deducted when an invoice that contains the item is generated. Quotes do not deduct stock.

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Last updated on 25 July, 2017


Managing Product Stock :: Knack Knowledgebase :: Business Management Software


Adding a Service

Services are usually hourly or daily items that your company provides through labour or expertise in your field. For example, design, consulting or labour. 

You can add a service by either;

Categories

  • Services can fall under any category that you have created.

Price Tier

  • A service can be applicable to any or all price tiers.

Default Hours

  • This is the amount of hours that a task generated from this invoice item has. For example, 1 hour of graphic design would have 1 hour of work associated with it, while a website development might have 10 hours associated. Generating a task from the invoice item will result in the task having this amount of hours available for work.

Min Quantity

  • This is the minimum quantity allowed to be added to a quote or invoice.

Item Cost

  • This is the amount that your company pays to produce the service. For example, this could be a combination of the employee's salary, internet usage, electricity, and so on.

Charge

  • This is the amount that you charge your client per unit.

Profit

  • This is automatically calculated as the charge minus the cost per unit.

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Last updated on 25 July, 2017


Adding a Service :: Knack Knowledgebase :: Business Management Software


Price Tiers

You will notice that when you create a prospect or client, you have the option to select the price tier that they fall under. This allows you to segment your pricing according to a tiered structure if you choose. For example, you may have two clients; both clients purchase a website development from you, but one client requires a more senior developer and so should be charged at a higher rate. These clients would have different price tiers, and you would create a website development service for each price tier at the different rates.

Corresponding to this, you can create a service that applies to one or more price tier. In the example above, you would create the same service for price tiers A and B, but the service of price tier B would be charged at a higher rate.

When creating a quote, only the services with the applicable price tier will be available to be added.


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Last updated on 25 July, 2017


Price Tiers :: Knack Knowledgebase :: Business Management Software


Categories

Categories allow you to segment your quotes and invoices for easy reading. All services or products added to a quote that fall under the same category will be grouped together. For example, you might create the category "graphic design" and another for "website development". Creating a variety of services under each of these will result in them being segmented and therefore logically broken down.

You can update your company categories by;

  • Clicking the company main menu item.
  • Selecting ""add categories".
  • Adding new categories or disabling existing categories.

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Categories :: Knack Knowledgebase :: Business Management Software


Complex Products and Services

A complex product or service allows you to create an item that is a combination of simple products or services. For example, you might sell a furniture set that is made of a table and 6 chairs, where each of these is already a product; or you might sell a service that is made up of 10 hours of graphic design and 5 hours of website development.

You can create a new complex item by;

  • Opening the supplier main menu item > add product/service.
  • Choosing "complex product/service" as the item type.
  • Entering the basic information for the new item and saving. You will be taken to the service view.
  • Click "add item to product/service".
  • Choosing the items to add. Each item can have its own cost, charge and quantity.

When you add a complex product or service to a quote, you will notice that all of the children items are also added, without a charge indicated. The total charge is added to the complex item. When you add or remove items from a complex product/service, the total cost and charge is automatically calculated based on all of the children items.

In order to create a complex product/service, all simple products/services must already exist.


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Last updated on 25 July, 2017


Complex Products and Services :: Knack Knowledgebase :: Business Management Software


Temporary Products and Services

When you create a new quote, you will notice that you have the option of using a new product or service. You do not need to create products or service in advance to add them to a quote.

Temporary items are not saved for future use. For example, you might add the item "business card printing" to a quote. Since this item is variable based on the client requirements, you do not want to create a permanent item to your company. Instead, you can add it to a quote and the item will not exist outside of this quote.

You can also choose the "save service/product" option to add it as a permanent item for use in future quotes. This is a quick way to create your own database of products or services as and when you need to.


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Last updated on 25 July, 2017


Temporary Products and Services :: Knack Knowledgebase :: Business Management Software


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