Set up product classes

A product class represents a group of similar inventory items on financial statements and reports. Product classes help track revenues, costs, and profits.

If your company has multiple facilities, set up product classes for each facility.

To set up product classes

1. Open the Product Classes (PRCL) page.

   • Select Utilities > Company Setup > System > Product Classes.

   Or

   • Search for PRCL in the Navigation box and then select Product Classes.

   The Product Classes (PRCL) page appears.

2. Click New on the Toolbar.

   Or to base this product class on the one the window shows, click Copy on the Toolbar.

3. Identify the product class:

   • Type a two-character code for the product class in the Product Class box.

   • Type a name for the product class in the Name box.

   • Type a description of the product class in the Description box.

   • Click the Facility arrow and select the facility.

4. Select the Price Schedule Type:

   • If the product class has no price schedule, click the None.

   • If the product class has a fixed price schedule, click the Fixed.

   • If the product class has a variable price schedule: Click the Variable.

     • Click the lookup reference at the end of the Price Schedule field.

       The Lookup For Price Schedule window appears.

     • Highlight a row and click Select.Or, double click the row to select.

       Click Cancel to exit from Lookup For Price Schedule window.

5. Select accounts to associate with the price schedule:

   Price Schedule, Inventory, & Cost Variance Accounts tab.

   • Inventory Accounts

   • Sales Revenue

     1. Click the Sales Revenue lookup reference at the end of the field.

        Lookup For Sales Revenue window appears.

     2. Highlight a row and click Select.Or, double click the row to select.

     Click Cancel to exit from Lookup For Sales Revenue window.

   • Sales Returns

     1. Click the Sales Returns lookup reference at the end of the field.

        Lookup For Sales Returns window appears.

     2. Highlight a row and click Select.Or, double click the row to select.

        Click Cancel to exit from Lookup For Sales Returns window.

        This account is debited based on the item’s product class whenever sales order items which is returned and are shipped or a job is closed.

   • Inventory Revaluation

     1. Click the Inventory Revaluation lookup reference at the end of the field.

        Lookup For Inventory Revaluation window appears.

     2. Highlight a row and click Select.Or double click the row to select.

        Click Cancel to exit from Lookup For Inventory Revaluation window.

   • Inventory Account

     1. Click the Inventory Account lookup reference at the end of the field.

        Lookup For Inventory Account window appears.

     2. Highlight a row and click Select.Or double click the row to select.

        Click Cancel to exit from Lookup For Inventory Account window.

   • Inventory Adjustment

     1. Click the Inventory Adjustment lookup reference at the end of the field.

        Lookup For Inventory Adjustment window appears.

     2. Highlight a row and click Select.Or, double click the row to select.

        Click Cancel to exit from Lookup For Inventory Adjustment window.

   • Inventory In-Transit

     1. Click the Inventory In-Transit lookup reference.

        Lookup For Inventory In-Transit window appears.

     2. Highlight a row and click Select.Or double click the row to select.

        Click Cancel to exit from Lookup For Inventory In-Transit window.

   • Cost Variance Accounts

   • Material

     1. Click the Material lookup reference at the end of the field.

        Lookup For Material window appears.

     2. Highlight a row and click Select.Or double click the row to select.

        Click Cancel to exit from Lookup For Material window.

   • Labor

     1. Click the Labor lookup reference at the end of the field.

        Lookup For Labor window appears.

     2. Highlight a row and click Select.Or double click the row to select.

        Click Cancel to exit from Lookup For Labor window.

   • Overhead

     1. Click the Overhead lookup reference at the end of the field.

        Lookup For Overhead window appears.

     2. Highlight a row and click Select.Or, double click the row to select.

        Click Cancel to exit from Lookup For Overhead window.

   • Other

     1. Click the Other lookup reference at the end of the field.

        Lookup For Other window appears.

     2. Highlight a row and click Select.Or, double click the row to select.

        Click Cancel to exit from Lookup For Other window.

   • Purchase Price Variance

     1. Click the Purchase Price Variance lookup reference at the end of the field.

        Lookup For Purchase Price Variance window appears.

     2. Highlight a row and click Select.Or double click the row to select.

        Click Cancel to exit from Lookup For Purchase Price Variance window.

   Work In Process & Cost Of Goods Sold Accounts tab.

   • In the WIP Accounts area, click the lookup reference at the end of each field and select the appropriate account.

   • In the COGS Accounts area, click the lookup reference at the end of each field and select the appropriate account.

6. Click Save on the Toolbar to keep the product class.

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