Create a New Product

You can create and manage products in Accounts Receivable to ensure accurate billing and revenue tracking. This guide helps you set up, update, and manage product details.

To Create a New Product:

1. Go to Accounts Receivable > Products.

   
2. Select + Add Product.

   
3. Enter Product Details which are outlined below:

   1. Product Name (Internal): This is how you'd like to display this product internally.

   2. Invoice Line Item Description (optional): This is the description that will appear any time the corresponding customer is invoiced for your product. You can set this ahead of time so you don’t need to add it to each invoice individually, but you can always override this on each contract as needed.

   3. Revenue vs. Non Revenue Products: Whether it’s a SaaS tool or a professional service, it is likely that your product is considered a revenue product. If you aren’t returning a profit on the product, such as a billable expense, then it’s considered a non-revenue product.

   4. Revenue Type: In Rillet, there are two revenue types: Fixed and Usage. If you charge your customers a flat rate for a product, then it’s considered Fixed revenue. If you charge them a variable rate based on future consumption, then that product is considered Usage revenue.

   5. Revenue Account: This is the GL Account which will be used when revenue is recognized.

   6. Discount Account (optional): Optionally, you can choose to record discount contra revenue in a separate account from Revenue. If this is blank, net revenue recognition will be recorded to the Revenue Account. If this is selected, gross revenue will be recorded to the Revenue Account and discount contract revenue will be recorded in the Discount Account.

   7. Revenue Pattern: This field allows you to designate how frequently you’ll be recognize revenue. There are two options:

      • Even Period, Prorated First & Last

      • Daily.

   8. Count to MRR/ARR: Toggle this option as needed.

   9. Type (for Non-Revenue Products): Choose the type (e.g., "Fixed").

   10. Account (for Non-Revenue Products): Select the appropriate revenue account for this product.

4. Once the general details are completed, click the Next Step button.

   
5. Set Pricing Information:

   1. Pricing Type: Choose between Recurring or One-time.

   2. Default Price (per Period) (optional): Enter the default price (e.g., $1.00).

   3. Billing Period: Select the billing period (e.g., Monthly).

6. After filling in the pricing information, click the Create Product button.

   

Managing Products

Once a product is created, you can edit, delete, deactivate, or reactivate its record.

To Edit a Product:

1. Click on the three dots (•••) located at the end of the product’s row.

2. Select Edit Product from the dropdown menu.

   
3. Modify the Product Details.

4. Click the Save Product button.

   

To Delete Product:

1. Click on the three dots (•••) located at the end of the product’s row.

2. Select Delete Product from the dropdown menu.

   
3. Click Delete to confirm or Cancel if you do not wish to proceed.

   

Products can only be deleted if they have not been used on a contract or invoice.

To Deactivate Product:

1. Click on the three dots (•••) located at the end of the product’s row.

2. Select Deactivate Product from the dropdown menu.

   
3. Click Deactivate to confirm or Cancel if you do not wish to proceed.

   

   Note:

   • When you deactivate a product, it doesn't stop invoices and contracts from syncing with it. It only prevents the product from being used in new transactions.

   • Deactivated products can be reactivated later unless they have been permanently deleted.