Using QuickBooks for your products and services can help revolutionize the way you do business. It is a very powerful tool that helps you create invoices for your customers and suppliers at the click of a button and keep a precise and consistent record of all the financial transactions of your business. Let’s find out more.
How to Set Up Products and Services in Quickbooks Online?
Below mentioned are the detailed instructions on how to set up QuickBooks Online:
Product and Services
This section describes the information that will be relayed to the customer upon generating an invoice.
As you can see, there is a total of four fields that we can edit here. To edit a field, just click on the pencil icon in the upper-right portion of the screen.
Below you will find a brief description of each feature along with how we would set this up for our fictitious company, Paul’s Electrification:
- Show product/service column on sales form – This feature will add a products/services column to the forms so that you can choose the product/service, you are billing the client for, on the invoice. This way, clients will see what you are billing them for.
Example: Paul’s Electrification provides services for everything from a fused bulb replacement to electrical installations in a brand new hotel. When making an estimate for the customer or creating an invoice for the work that has already been done, Paul can add the details of the services provided very categorically so that the client always knows what is he billed for and what are the rates. From Paul’s point of view, it makes keeping the records easier.
- Show SKU column – Sku is a store or a catalog column used for tracking the inventory. It is also known as the Barcode. If you use items from a store or inventory, you can use this feature. It will record the consumption of items from your inventory and let you know when you have to procure something that’s about to end.
- Track quantity and price/rate – This feature is available only if the option number two is turned on. It will record the quantity and rate of the inventory items used on a job.
Example: Since Paul tracks the inventory items, this feature will record how much is the cost of the items he is using on the jobs.
4. Track inventory quantity on-hand – This function is also available only if the number 2 is activated. This will track the stock of the inventory items you are left with.
This is all what you need to know about setting up products and services in QuickBooks online. For more information on other related topics like setting up customers and default payment methods, read other articles. For many more related tutorials, don’t forget to follow us.