This help article will walk you through creating new sales codes in Studio Designer.
"Sales Codes" define where the income and expense associated with the item are placed on the income statement. They can also be used to group items together for reporting purposes and define taxability.
To access your "Sales Code" and create a new one:
Step 1. Select "Settings" > "Sales Codes"
Step 2. Studio Designer will provide some starting Sales Codes to begin. To create a new one, select "New Sales Code"
Step 3. Fill in the areas to define your Sales Code
Sales Code
The name of the sales code
Description
The description of the sales ode
Unit
The standard unit of measure for this sales code. The unit of measure defaults from here for new items if this unit is not blank.
Example: Yards
Selling Mark Up %
The override selling mark up % for items related to this sales code. The selling mark up % should be blank unless you want to override standard mark ups.
Example: You have a sales code for “Antique” and you always mark up antiques for 50%
Selling Deposit %
The override selling deposit % for items related to this sales code. The selling deposit % should be blank unless you want to override standard selling deposits.
Example: You have a sales code for “Antique” and you always receive a 100% deposit
Mark Up Deposit %
The override mark up deposit % for items related to this sales code. The mark up deposit % for items related to this sales code. The mark up deposit % should be blank unless you want to override standard mark up deposits.
Example: You have a sales code for “Antique” and you always receive a 100% deposit
Sales Tax Deposit %
The override sales tax deposit % for items related to this sales code. The sales tax deposit % should be blank unless you want to override standard sales tax deposits.
Example: You have a sales code for "Antiques" and you always receive a 100% deposit.
Purchase Deposit %
The override purchase deposit % for items related to this sales code. The purchase deposit % should be blank unless you override standard purchase deposits.
Example: You have a sales code for “Antiques” and you always pay a 100% deposit.
Purchase Tax Deposit %
The override purchase tax deposit % for items related to this sales code. The purchase tax deposit % should be blank unless you override standard purchase deposits.
Example: You have a sales code for “Antiques” and you always pay a 100% deposit.
Selling Taxable
The override selling taxable for items related to this sales code. The selling taxable should be blank unless you want to override standard selling taxable.
Example: You have a sales code for “Antiques” and you always tax antiques.
Mark Up Taxable
The override mark up taxable for items related to this sales code. The mark up taxable should be blank unless you want to override standard mark up taxable.
Example: You have a sales code for “Antiques” and you always tax antiques.
Tax Location
This is only used for Canadian Sales tax where certain sales codes will be assigned a Tax Location to override the Tax Location assigned to the client.
Income Amount
The income account to credit the selling price when you generate an invoice.
Example: Sales Furniture
Mark Up Account
The income account to credit the mark up amount when you generate an invoice.
Example: Sales Furniture
Cost of Sales Account
The expense account to debit the purchase cost when you receive a vendor invoice.
Example: Cost of Sales Furniture
Step 4. After finishing filling in your information for your new Sales Code, select Save.