Edit an Existing Product in Ordway

You can edit an existing product in Ordway to update its name, price, tax treatment, or accounting configuration. Product changes affect future transactions, while journal entries that have already been created are not automatically updated.

Contents

• Prerequisites
• Edit an Existing Product
• When Product Changes Take Effect

Prerequisites

Before editing a product, review the following:

1. Product ID: Once created, the Product ID cannot be modified.
2. Product in use: A product currently used in a subscription cannot be deleted. Refer to delete a Product for more information.
3. Chart of Accounts: Ensure the required GL accounts exist under Menu > Finance > Chart of Accounts. Refer to Chart of Accounts.
4. Revenue Rules: When applicable, ensure the required revenue rules exist under Menu > Finance > Revenue Rules. Refer to Manage Revenue Recognition Rules

As defined in Create a Product, Product configuration defines future behaviors:

• Taxable Treatment
• Accounting Treatment (Deferred Revenue amortization vs. recognize upon Invoicing)
• General Ledger Account code to be used for transactions using the Product 

Edit an Existing Product

1. On the left navigation menu, click Products & Plans > Products. The Products page is displayed.
   
2. Locate and select the product you want to edit.
   
3. Open the product's Three-dot menu and then select Edit. The Edit <Product name> page is displayed
   
4. Update the required fields.
5. Click SAVE. The "Product successfully updated" confirmation message appears. 

When Product Changes Take Effect

When you edit and save a product, changes apply to future transactions created in Ordway. The impact on existing subscriptions and accounting records depends on the field you update.

Accounting Configuration Changes

When you change the Chart of Accounts configuration on a product:

• Existing journal entries are not automatically updated.
• Accounting configuration can flow down to subscription charges inherited from the product or plan.
• Future journal entries use the updated accounting information.
• If an existing journal entry is deleted and recreated after the accounting configuration changes, the recreated entry uses the updated accounting details.

Example

If you change a product's GL account from 111 to 222 on April 1, future transactions for that product use account 222, subject to the applicable accounting configuration.

Change a Product Name

When you change a product's name, the previous name may remain on existing Subscription Charges.

The product name displayed in an invoice description can also depend on the configuration of the invoice template.

Refer to Create Invoice Email Template for more information