Setting up different products and services This covers multiple products and/or services that you sell together. Under Services, you can set up services that you provide to your customers, such as Bookkeeping, Financials Services etc. All the purchases will be recorded in the “Assigned Expense” account. If you create a product under Non-Inventory, Quickbooks will not keep track of the quantities.
Under Non-Inventory, you can set up products that you buy and/or sell to customers but you don’t need to track quantities. Please note that Quickbooks Online uses FIFO method for inventory valuation. This will entail the exact profit for each product sold and the exact quantity on hand on a given date. At the back-end, purchase cost of the particular product or products will be posted from the “Inventory Assets” to “Cost of Goods Sold”. When the product is sold, the revenue will be posted to the assigned sales account. All the purchases will be recorded in “Inventory Assets” under “Current Assets”. If you create a product under Inventory, QuickBooks will keep track of the quantities. Under Inventory, you can set up products that you buy and/or sell to customers and want to keep track of quantities. There are four types of products and services that you can make: Inventory, Non-Inventory, Services, and Bundle. We are back with a QuickBooks tutorial and this one is on setting up different products and services.
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