Item code:
Enter a short, unique (but memorable) code for this item. This will not be displayed on invoices, quotes and orders.
Item description:
Enter the full item description you want to display on invoices, quotes and orders.
Unit selling price (or rate):
This is the selling price for a single unit of the item.
Unit purchase price (or cost):
This is the purchase price or cost for a single unit of the item.
Tax:
Select the tax rate that applies to the item. If the only option you see is 'None,' you need to configure the Tax Options first (click the Options icon from the main window, then click the Tax tab).
Income account:
If you have multiple entries in the income statement, select the account here. Default is General Sales. This then will be subtotaled in the Accounting Report.
Expense account:
If you have multiple entries in the income statement select the account here. Default is General Products Purchased. This then will be subtotaled in the Accounting Report.