Products and Pricing

#Understanding Product Structure

Products in Light contain:

• Name: Product identifier and display name
• Description: Details about what the product is
• Category: Product classification (optional)
• SKU: Stock keeping unit or internal code
• Default Unit Price: Starting price for contracts and invoices
• Tax Category: Which tax rate applies
• GL Account: Which GL account receives revenue
• Active Status: Whether the product can be used in new contracts

#Creating a Product

1. Navigate to Revenue & Invoicing → Products

2. Click + Create product

3. Fill in the basic information:

   • Product Name: How it appears on invoices
   • Description: What the product is or does
   • SKU: Internal reference code
   • Product Category: Optional classification

4. Set pricing:

   • Default Unit Price: Base price in your billing currency
   • Currency: Confirm the currency used

5. Configure GL mapping:

   • Revenue GL Account: Where sales are posted
   • Tax Category: Default tax treatment

6. Click Create

Good to know: You can override the default unit price on each contract or invoice line item.

#Managing Product Pricing

Products support flexible pricing structures:

1. Open a product
2. Click Pricing
3. View the Price History showing all pricing changes
4. Click Update Price to change the default unit price
5. Enter the new price and a reason for the change
6. Click Save

Light maintains a complete audit trail of all price changes.

#Multi-Currency Pricing

For companies with global customers:

1. Open the product
2. Navigate to Currency Pricing
3. Click Add Currency Price
4. Select the currency and set the price
5. Click Save

When creating contracts in a specific currency, Light automatically uses the currency-specific price if available, otherwise it uses the default price.

#Product Categories

Organize products using categories:

1. Navigate to Product Categories
2. Click Create Category
3. Enter the category name and description
4. Click Create

Assign categories to products to improve organization and enable category-level reporting.

#Tax Categories

Products can have different tax treatments:

1. Open a product
2. Navigate to Tax Category
3. Select from available tax categories configured by your tax administrator
4. Click Save

Tax categories determine which tax rates apply to line items containing this product.

#Archiving Products

To retire a product from future use:

1. Open the product
2. Click Archive
3. Confirm

Archived products:

• No longer appear in product selection dropdowns
• Remain usable on existing contracts
• Are visible in historical reports
• Can be reactivated by clicking Activate

#Product Variants (if applicable)

For products with multiple variants (sizes, colors, editions):

1. Open a product
2. Click Add Variant
3. Enter the variant name (e.g., "Professional Edition")
4. Set variant-specific pricing (optional)
5. Click Add

Each variant can have its own SKU and pricing while sharing the base product record.

#Related Articles

• Creating and managing contracts
• Invoice generation and customization
• Setting up customers and contacts