How To Set Up Products And Services In Quickbooks Online?

How to Set Up Products and Services in QuickBooks Online

QuickBooks Online is a popular accounting software solution for small businesses. One of the most important tasks you’ll need to do when setting up your QuickBooks account is to set up your products and services. This will allow you to track your sales and inventory, and generate invoices for your customers.

In this article, we’ll walk you through the steps of setting up products and services in QuickBooks Online. We’ll cover everything from creating new products and services to assigning prices and taxes. By the end of this article, you’ll be able to set up your products and services in QuickBooks Online with ease.

So let’s get started!

Step Action Explanation
1 Go to the **Products and Services** tab. This tab is located in the upper left corner of the QuickBooks Online interface.
2 Click the **Add** button. This button is located in the upper right corner of the **Products and Services** tab.
3 Enter the following information:
  • Product or service name
  • Description
  • Price
  • Tax rate
4 Click the **Save** button. Your product or service will be saved and added to the list of products and services in QuickBooks Online.

How To Set Up Products And Services In Quickbooks Online?

QuickBooks Online is a cloud-based accounting software that can help you track your business finances, including your products and services. This guide will show you how to set up products and services in QuickBooks Online so that you can easily manage your inventory and sales.

When you first start using QuickBooks Online, you will need to set up your products and services. This includes entering the following information for each product or service:

  • Name: The name of the product or service.
  • Description: A brief description of the product or service.
  • Price: The price of the product or service.
  • Tax: The tax rate that applies to the product or service.
  • Income Account: The account that will be used to track sales of the product or service.
  • COGS Account: The account that will be used to track the cost of goods sold for the product or service.

Once you have entered this information, you can start tracking your products and services in QuickBooks Online. You can view your inventory, sales, and profits by product or service. You can also create invoices and estimates for your customers.

Step 1: Create a New Product or Service

To create a new product or service, go to the Products and Services tab in the QuickBooks Online menu.

1. Click the +” button to create a new product or service.
2. Enter the name of the product or service.
3. Enter a description of the product or service.
4. Enter the price of the product or service.
5. Select the tax rate that applies to the product or service.
6. Select the income account that will be used to track sales of the product or service.
7. Select the COGS account that will be used to track the cost of goods sold for the product or service.
8. Click Save.

Your new product or service will now be added to your list of products and services.

Step 2: Set Up Inventory

If you sell products that you keep in inventory, you need to set up inventory tracking in QuickBooks Online.

1. Go to the Inventory tab in the QuickBooks Online menu.
2. Click the +” button to create a new inventory item.
3. Enter the name of the product.
4. Enter the quantity on hand.
5. Enter the cost of each item.
6. Select the inventory location where the product is stored.
7. Click Save.

Your new inventory item will now be added to your list of inventory items.

Setting up products and services in QuickBooks Online is a simple process. By following these steps, you can easily manage your inventory and sales.

Here are some additional tips for setting up products and services in QuickBooks Online:

  • Use descriptive names for your products and services. This will make it easier for you to find them when you need to.
  • Enter accurate prices for your products and services. This will help you to track your profits and losses.
  • Select the correct tax rate for your products and services. This will ensure that you are paying the correct amount of taxes.
  • Choose the correct income and COGS accounts for your products and services. This will ensure that your financial reports are accurate.

By following these tips, you can set up products and services in QuickBooks Online so that you can easily manage your inventory and sales.

Additional Resources

  • [QuickBooks Online Help: Products and Services](https://quickbooks.intuit.com/online/help/products-and-services/)
  • [QuickBooks Online Help: Inventory](https://quickbooks.intuit.com/online/help/inventory/)

Step 3: Set Up Sales Tax

If you charge sales tax on your products or services, you need to set up sales tax in QuickBooks Online. To do this, go to the Taxes tab in the QuickBooks Online menu.

Sales Tax Tab in QuickBooks Online

Click the +” button to create a new sales tax code.

New Sales Tax Code in QuickBooks Online

Enter the name of the sales tax code, the tax rate, and any other relevant information.

Sales Tax Code Details in QuickBooks Online

Click Save.

Step 4: Set Up Payment Terms

You can set up different payment terms for your customers in QuickBooks Online. To do this, go to the Customers tab in the QuickBooks Online menu.

Customers Tab in QuickBooks Online

Click the +” button to create a new customer.

New Customer in QuickBooks Online

Enter the name of the customer, the address, and any other relevant information.

Customer Details in QuickBooks Online

Under Payment Terms, select the payment terms that you want to use for this customer.

Payment Terms in QuickBooks Online

Click Save.

Setting up products and services in QuickBooks Online is a simple process. By following these steps, you can ensure that your products and services are correctly tracked and that you are charging the correct sales tax.

For more information on setting up products and services in QuickBooks Online, please visit the following resources:

  • [QuickBooks Online Help Center](https://quickbooks.intuit.com/learn-support/)
  • [QuickBooks Online Blog](https://quickbooks.intuit.com/blog/)
  • [QuickBooks Online Community](https://quickbooks.intuit.com/community/)

    How do I set up products and services in QuickBooks Online?

To set up products and services in QuickBooks Online, follow these steps:

1. Go to the Products and Services tab in the left navigation bar.
2. Click the + New button to create a new product or service.
3. Enter the following information:

  • Name: The name of the product or service.
  • Description: A brief description of the product or service.
  • Price: The price of the product or service.
  • Tax Code: The tax code for the product or service.

4. Click Save.

Your product or service will now be listed in the Products and Services list.

How do I edit a product or service?

To edit a product or service, follow these steps:

1. Go to the Products and Services tab in the left navigation bar.
2. Click the name of the product or service you want to edit.
3. Make the desired changes.
4. Click Save.

Your changes will be saved.

How do I delete a product or service?

To delete a product or service, follow these steps:

1. Go to the Products and Services tab in the left navigation bar.
2. Click the name of the product or service you want to delete.
3. Click the Delete button.
4. Click Yes to confirm the deletion.

Your product or service will be deleted.

How do I add a product or service image?

To add a product or service image, follow these steps:

1. Go to the Products and Services tab in the left navigation bar.
2. Click the name of the product or service you want to add an image to.
3. Click the Image tab.
4. Click the Upload button and select the image you want to upload.
5. Click Save.

Your product or service image will be uploaded.

How do I set up taxes for my products and services?

To set up taxes for your products and services, follow these steps:

1. Go to the Products and Services tab in the left navigation bar.
2. Click the name of the product or service you want to set up taxes for.
3. Click the Taxes tab.
4. Enter the following information:

  • Tax Type: The type of tax (e.g., sales tax, use tax, etc.).
  • Tax Rate: The tax rate.
  • Tax Inclusive: Whether the tax is included in the price of the product or service.

5. Click Save.

Your taxes will be set up.

How do I create a product or service bundle?

To create a product or service bundle, follow these steps:

1. Go to the Products and Services tab in the left navigation bar.
2. Click the + New button and select Bundle.
3. Enter the following information:

  • Name: The name of the bundle.
  • Description: A brief description of the bundle.
  • Price: The price of the bundle.
  • Tax Code: The tax code for the bundle.

4. Click Add Products and Services and select the products and services you want to include in the bundle.
5. Click Save.

Your product or service bundle will be created.

In this article, we discussed how to set up products and services in QuickBooks Online. We covered the following topics:

  • Creating a new product or service
  • Adding inventory details
  • Setting prices and taxes
  • Creating a sales receipt

We hope this information was helpful. If you have any other questions about QuickBooks Online, please visit our website or contact customer support.

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