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Lesson 13 How To Set Up Products & Services Lists In QuickBooks Online 2016 - YouTube
Channel: FitSmallBusiness
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welcome to the fit small business
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quickbooks online training course in
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this lesson we're going to cover how to
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set up the products and services list in
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quickbooks online to follow along with
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me login to your quickbooks online
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account now or click the link below this
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video for a free 30-day trial of
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quickbooks online you can also find a
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link below this video to our full
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quickbooks online course and other
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helpful resources let's get started
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if you invoice customers for products
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and services sold or if you need to keep
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track of inventory cost in quantities
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then it's important that you setup the
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products and services list in quickbooks
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online setting up your products and
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services list will allow you to do a
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couple things quickly create invoices
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that will automatically populate the
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quantity description and price for the
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product or service fields on the invoice
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it will also allow you to keep track of
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your sales by product or service this
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will allow you to gain insight about
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what products are selling versus what
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products are collecting dust on the
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Shelf for the purposes of this video we
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will use a fictitious company called
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paul's plumbing as you view this video
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think about how the information might
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differ for your business to begin after
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you sign into your quickbooks online
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account click on the gear icon located
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to the left of your company name and
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select products and services from the
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products and services list we want to
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click the blue button in the upper right
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hand corner to create a new product or
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service item when you create a new item
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in quickbooks you have three options to
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choose from non inventory service and
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inventory let's start with inventory the
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inventory item allows you to track cost
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and quantity for items that you buy and
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sell setting up inventory items will
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allow you to keep an eye on the
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inventory stock level as items are sold
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by doing so you will be able to keep
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track of when you are running low on an
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item so that you can place an order with
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the supplier before you run out we're
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going to go ahead and set up a inventory
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item for Paul called stainless steel
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faucet
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let's go ahead and select inventory
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we'll need to turn on the inventory
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tracking button here and then that will
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take us to the setup screen in the first
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field you want to put the name of the
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item that you're setting up if you track
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your inventory by SKU then you can enter
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that information in the SKU field the
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category field allows you to categorize
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inventory items for example if you sell
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t-shirts then you can set up a t-shirts
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category and then set up the items that
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will fall into that category like men's
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t-shirts ladies t-shirts and kids
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t-shirts we want to set up the inventory
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that is currently on hand so we'll enter
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that in the next field and to the right
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of that we want to put the effective
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date of that inventory quantity the
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inventory asset account is automatically
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assigned by QuickBooks do not change
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this account or it could result in
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inaccurate quantity and cost
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calculations in the sales information
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field you want to put the description of
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the item that you want to appear on your
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customers invoices and sales receipts
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typically this will be the same as your
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item name above so you can just copy and
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paste the info in there this sales price
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or rate is the amount that you sell the
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item for the income account field is the
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account that you want to track your
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income for this item you can click the
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drop down and select the account from
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the list the purchasing information
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field allows you to put the description
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of the item that you want to appear on
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your purchase orders that you send to
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suppliers when you place orders for this
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item again this can be exactly the same
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description that you use for your
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customers the cost that you purchase the
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item for and then the expense account
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field is automatically assigned by
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QuickBooks
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it is a cost of goods sold account do
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not change this account or it could
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result in inaccurate quantity in cost
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calculations last but not least if you
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have a picture
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of the inventory items that you're
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setting up there is an area here up at
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the top or you can actually upload that
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picture once you have completed all the
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fields we are ready to save now we'll go
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back to the products and services list
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where we should see our new stainless
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steel faucet there we go on the list
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perfect next we want to go back to the
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products and services list and we want
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to set up a non inventory item a non
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inventory item allows you to track the
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cost but not the quantity for items that
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you buy and sell for example Paul
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purchases a variety of odds and ends
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such as nails glue and solutions to
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unclog drains he does not need to keep
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track of the quantity but he does need
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to keep track of the cost for these
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items so he is going to set up a non
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inventory item called DrainO
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and if you noticed here all of the
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fields are pretty identical to the
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inventory part setup we've got the name
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of the item we've got an SKU field we
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can track categories the sales
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information will be the description on
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our customer invoices and sales receipts
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we want to track how much we sell the
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item for and again similar to the
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inventory part you are able to select
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the account that you want to track the
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income for this item so simply just
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click the drop-down to the right and
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select the account that you would like
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to use to track that income last but not
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least is the expense account field
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unlike the inventory item this expense
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account is assigned by you and not by
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QuickBooks so just select the drop-down
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arrow and you can select the expense
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account that you want to keep track of
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here if you have a picture of it on
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inventory item that you're selling again
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you can also upload that in this screen
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at the top we'll go ahead and save our
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changes and go back to the products and
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services list to make sure we've got
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DrainO there now and there it is last but
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not least we want to set up a service I
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so we'll go back to new selecting the
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service item allows you to set up
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services that you sell to your customers
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for example plumbing services
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bookkeeping services and tax preparation
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services will fall under this category
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in this example we will set up plumbing
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services for Paul in this first field
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will put plumbing services which is a
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description of our item again we've got
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similar fields to what we've had with
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the previous two setups we've got our
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description that's going to appear on
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our customer invoices and sales receipts
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here that we've entered along with what
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we're charging the customer for this
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service and the account that we want to
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track the income in so we'll go ahead
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and save our changes here and we'll go
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back to the products and services list
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and make sure plumbing services now
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appears on our list and there it is
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perfect once you have added all of your
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products and services you can run a
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report to see the entire list from this
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screen there's a run report button up at
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the top here so just click this and then
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the report will display for the products
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and services list here's our report the
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first column shows the name of the
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product or service we've got our
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description our type of item the price
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that we sell the item or service for the
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costs that we pay for the service or the
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item and the quantity for the inventory
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part be sure to review this report for
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accuracy if for some reason you do need
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to make modifications to a product or
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service you are able to do so so back on
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the home screen we'll go ahead and
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navigate that to the products and
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services list so click on the gear icon
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products and services the way to edit an
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item is to click the arrow to the right
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of the Edit link and that will open up
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this screen where we can make any
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changes that we need to make and then
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save them you cannot delete our product
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or service in QuickBooks
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once you have
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used it in a transaction for example
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created an invoice for a customer this
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is due to the fact that all transactions
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are linked to the financial statements
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however if you do have a situation where
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you no longer need an item that is
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currently on your product and service
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list you can inactivate that item this
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simply means that it will no longer
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appear on the products and services list
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but it will still appear in financial
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reports if use in a transaction to
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inactivate an item we want to click on
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the drop down arrow to the right of the
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Edit link and select make inactive once
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we do that this item will no longer
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appear on the products and services list
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but as mentioned previously it will
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appear in financial statements that
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wraps up the section on how to set up
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the products and services list in
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QuickBooks Online to access this course
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or any of the others in the series or
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for a free 30-day trial of QuickBooks
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Online click the links below this video
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