Products

Each Transaction is allocated a Product. This describes the purpose of the Transaction, for example Management Fees, Inventory etc.

New Products can be created at any time and there is no limit to the number of them defined.

From File → Configuration → Financial → Products click New.

Each Product can store the following information:

• Description

• Cost Centre - link to a defined Cost Centre

• Tax Rate - link to a defined Tax Rate

• Price - optional value, if not set then can be entered directly against a Transaction

• External Account Code - optional value of corresponding item in your accounts system i.e. your Sage Nominal Code, or Quickbooks Item. The External Account Code is included in the Transaction Export function

• Transfer To When Paid - used to transfer the payment of a transaction to a Landlord. e.g. when Rent is paid by a Tenant the payment is transferred to the Landlord

• Show VAT on Statements - indicates whether Transactions should show VAT, NET and Gross figures on Statements. If not ticked then only a Gross figure will be shown (default)

• Invoiced On Statements - indicates whether Transactions should be added to an automatically created Invoice when included on a Statement

• Acquaint automatically creates a number of default Products:

  • Payment Received

  • Deposit

  • Rent Due

  • Management Fees

  • Part Management Fees

  • Introduction Fees

  • Inventory

  • Maintenance

  • Gas Check

  • Electric Check

  • Credit Check

  • Check Out

  • Balance

  • Rent Received

  • Bank Transfer

  • Payment Made