Virtual Products

Virtual Products allow you to stock and sell a single product using multiple different names or labels for the same underlying product.

For example:

I sell a car tyre of a certain size that fits 20 different models of car.

I want to sell the tyre using 20 different names/labels e.g. “Tyre for a Hyundai Kona”, “Tyre for a Nissan Qashqai” etc.

They are all the same product, and it would be incorrect to say that I have 30 in stock of each tyre; I have 30 in stock of the underlying tyre, which I will sell with 20 different names.

To make this work in CRM, I would create a product called “Tyre” which has stock on hand of 30 – this is my Master Product.

I then create 20 Virtual Products that are linked to the Master Product e.g. Tyre for a Hyundai Kona, Tyre for a Nissan Qashqai etc. Whenever I sell a Virtual Product, the stock is taken from the Master Product.

1. Create a Master Product

Go to Inventory > Products > New Product.

The process is the same as creating any other product in CRM, so you can refer to our guide on the subject here.

On the form:

• Give the item a Name, Accounting Name and Part Number.
• Tick the boxes for Sellable and Purchasable and then enter in the applicable GL Codes.
• Ensure the Track Stock and Physical have been selected – the boxes for Asset GL Code and Cost Of Sales Code will then appear and need to be populated.
• Add a Price and Cost Price.
• Ensure the Active box is ticked.
• Enter in the applicable tax rate for sales and purchases.
• Click on Save & Close when you are done.

Following is an example of a saved Master Product for “Tyre”.

2. Create a Virtual Product

Go to Inventory > Products > New Product.

On the form:

• Give the item a Name, Accounting Name and Part Number.
• Ensure that the Is Virtual box is ticked.
• A field for Master Product will then display – select the product you want to use as the underlying master for stock.
• Once the Master Product has been selected, the boxes for Sale GL Code, Asset GL Code and Cost Of Sales Code will appear and need to be populated.
• Add a Price and Cost Price.
• Ensure the Active box is ticked.
• Enter in the applicable tax rate for sales.
• Click on Save & Close when you are done.

Following is an example of a saved Virtual Product that is linked to the Master Product for “Tyre”.