Today's Class

Sales, Products, and Services.

How to set up your products & services in QuickBooks Online

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United States: https://qbo.intuit.com/redir/testdrive

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Set up Products and Services that your Company offers

Products and services are the items you sell to your customers. You can make these as simple or complex as you need to based on your business needs.

QBO can help you track all costs associated with the items you sell, by tracking all your product and services.

When you create a product or service, you link it to an account; when the item is used on a form, QBO posts an entry to the linked account and another entry to the appropriate accounts receivable, accounts payable, etc.

You may need to consult with your accountant to determine what category your items belong to in QBO.

While products and services are easy to set up, you should spend some time deciding how they can best work for you before you start setting them up and using them.

Use your current list of services and products as a starting point. Consider how much detail you want on your invoices or statements and set up your items with that level of detail in mind.

[ ] Click Sales
[ ] Go to Product and Services
[ ] There are four types of products and services in QuickBooks.
Service Services you charge for or purchase. Examples include specialized labor, consulting hours, and professional fees.
Inventory In QuickBooks, an inventory part is one of the types of line items you can use when you’re filling out a sales or purchase form. You use inventory items to track merchandise your business purchases, keeps in stock as inventory, and then resells. For each inventory item, QuickBooks tracks the current number in stock and the value of your inventory after every purchase and sale.