Product- and price-lists are relevant if you want to use ChannelCRM to handle forecasting, quotes or orders.
To put this information into a structured way - which later fit with the way it is in your financial system - you need to make some preliminary work:
•You have to make one or more sales accounts
•You have to make a product table
•You have to create at least one price list
Strictly speaking, it is only necessary to have one sales account which can be called sales. But often it is beneficial to divide sales in several areas. Maybe because there are actually separate sales budgets. Or maybe because it's a good idea to divide the gross sales and forecast in groups instead of only two levels: All sales and sales per. product.
Be aware that the sales accounts, we are talking about, do not have to have any association with what is in your accounting system called sales accounts.
Sales Accounts can not be deleted if they are linked to just one product.
Sales Accounts can be changed to a new name. But consider that this will also change the name of all the products that are already associated just the renamed account.
Products and price lists can also be obtained by synchronizing with your accounting system.
It may well be possible to have both products / prices that you have created the CRM as well as having products / prices that are entered by synchronization with your ERP. But this is usually not advisable, because your later automatic transfer of orders from CRM to accounting will still be limited to orders containing only products available in your accounting system.