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  4. How Can I Create New Product Groups?
  1. Home
  2. All You Can Do with Reviso
  3. Sales
  4. How Can I Create New Product Groups?

How Can I Create New Product Groups?

It is important to set up your product groups correctly since they define the type of VAT applied to invoices issued to your customers.

The product groups are associated with accounts. These accounts serve to define what type of VAT shall be applied to each operation.

These settings determine, which accounts are used in accounting and also which VAT will be applied (important for the VAT report).

Just watch the following video tutorial on our YouTube channel.

How to create a product group?

Reviso provides you with 5 product groups by default. These groups cover most of the common operations. However, it is possible to create additional groups as well as edit the existing ones in case you need to.

product groups

To understand and configure the product groups correctly, follow these steps:

1. Check your VAT codes

Any VAT you want to apply to your invoices (20%, 10%, 4%, etc.) must be created in your VAT code list.

You can check your VAT codes under Settings > All Settings > Finance > VAT Codes.

Reviso provides you with a list of the most common VAT codes, but you can always add a new one, or edit an existing one.  

VAT codes screenshot

2. Check your accounts

When we make an invoice under sales, our accounting entry is generated automatically. However, we first have to define accounts for registration of automatic entries.

Once the accounts are defined, we will no longer have to worry about them. Accounting will be done automatically.

Go to the Settings > All Settings > Finance > Chart of Accounts‎.

Just type in the search engine the account you want to use for your sales entries. The example below shows “merchandise sale” accounts.

chart of accounts

A column titled as VAT then appears on the list, which includes VAT codes created in the first step and linked to accounts. To state an example, whenever we use the sales account (4000), a 20% VAT is applied.

We have to make sure that the account we want to use has an associated VAT code. If nothing appears in the VAT column, we will have to edit the account and fill in the adequate VAT.

account information

3. Set up your product groups

Once you have done all the above, you can access your Product Groups through  Sales > Products > Product groups.

Each product group entails additional information regarding VAT codes such as domestic, EU, Abroad, Domestic without VAT. 

product group

This means that the same product group can be linked with different accounts according to the VAT area of the invoicing customer.

If we issue an invoice to a domestic customer, the account and its adequate VAT (column stating domestic) will be applied. If our customer is registered as European, the VAT code associated with the account (EU column) will be applied. Same applies to other accounts. 

The VAT area of each customer is defined in the list of customers, which is possible to edit anytime. 

your new product group

With these 3 simple steps, we can configure the product groups ready for invoices.

If you have any doubts, contact us and we will be happy to help you.

Updated on September 22, 2020

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