QuickBooks: Products and Services

Name: QuickBooks: Products and Services
Author: Cindy McGuckin

How to utilize QuickBooks for your purchasing and ordering.

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Course: On-Demand

(light, electronic music) In order to get to the products and services feature in QuickBooks, head up to your gear icon on the top right, and you'll see in the second column under list, it says products and services. Here's an example of some of the products and services that have been set up in this practice file. When you set up your file, you won't have any of these. You'll have to set them up yourself. When you're setting up new items in this list, you'll find that they fall under one of four types. You're going to be able to have services that you actually provide. You're going to have true inventory. True inventory means that you sell chairs, for example, and QuickBooks will let you know when you're down to a certain number that you need to order some more. And you'll notice when you're looking at this list, there's a column that says quantity on hand, and that tells you how many physical products you should have in the back room so to speak. The way these numbers change is when you actually sell a product. If you create an invoice, and you add one of these inventory items to that invoice, these numbers will decrease because you sold that product. If you purchase one of these, maybe you used your debit card, maybe you created a bill, but anytime you use the items feature, then this number is going to increase, and that's how these numbers change up or down. You're also going to have non-inventory items. Now, I don't see any of those here, but a non-inventory item is a physical product that you buy yourself, but you don't need QuickBooks to track how many are in the back room so to speak. You can run reports at any time to see how many bought or sold, but you're not running those as true inventory. So we have service types, inventory type, non-inventory, and the last type is what they call a bundle. And a bundle is basically, if you want to take a couple of items and group them together and sell that one bundle so to speak. A good example would be a gift basket. You might have a couple of inventory products in there. You might put a coupon, or you might have a service you provided. That's a good example of a bundle. Those are the four types you're going to be able to have in your products and services list. Now, looking down this list, you'll see that sometimes you will have items that are sub-items of others. For example, when you see design right here, that's a main product, whereas fountains, these are all sub-products or sub-items below design. You'll also see when you look at this list, if you're using skew numbers, then you might have put those in when you set up that product. You can also see the sale price and the cost here, and that's on the average. It does not mean that every single time you buy this it's 15, and every single time you sell it, it's 10 or vice versa. That's just on average. You do have some options over here if you need to edit this item, you can do that. If you want to make it inactive so it doesn't show up in the list anymore, you can do that. You can see some reports here. And then we'll talk about some of these options in some future videos, but this is exactly how your products and services list should look once you get it set up. You may have only a handful of items in your list. Someone else may have thousands. It really just depends on what you do in your business.

Advanced Provider : Cindy McGuckin 8 Lessons · 30m in Arabic, German, English, Spanish, French, Portuguese, Chinese

Course Description

This course covers the products and services feature in QuickBooks, examining the ins and outs of navigating this page. You’ll learn how to add services, inventory, products, and services bundles, as well as how to receive inventory, adjust it as necessary, or pay inventory bills. You’ll also look at purchase orders, important tools to track what you’ve ordered, what’s been received, and what’s on back order.

What You'll Learn

Navigate the products and services feature in QuickBooks
Add services, inventory products, and products and services bundles
Create purchase orders to track ordered, received, and back-ordered items
Receive products into inventory and pay bills for inventory
Adjust inventory as necessary

Key Takeaways

The course covers the products and services feature in QuickBooks and how to navigate this page.
It shows how to add services, inventory, products, and products and services bundles.
It explains how to receive inventory, adjust it, and pay inventory bills.
Purchase orders are presented as tools to track what has been ordered, what has been received, and what is on back order.

Frequently Asked Questions

What does this QuickBooks course cover?

It covers the products and services feature in QuickBooks, including navigating the page, adding services, inventory, products, and bundles, receiving and adjusting inventory, paying inventory bills, and using purchase orders.

What are purchase orders used for in this course?

Purchase orders are presented as important tools to track what you have ordered, what has been received, and what is on back order.

What skills does this course help build?

It supports skills in business service management, inventory accounting, inventory management, QuickBooks accounting software, sales inventory and operations planning, and QuickBooks certification.

What topics are included in the lessons?

Lessons cover a products and services overview, adding services, adding inventory products, adding a products and services bundle, purchase orders, receiving products into inventory, paying bills for inventory, and adjusting inventory.