Products and Services List

1. Open the QuickBooks Online company.

2. Navigate to the gear icon à Products and Services (under the Lists section).

3. The Products and Services list appears. Notice that it lists the name, SKU, type, sales description, sales price, cost, whether the item is taxable, the quantity on hand and the reorder point (if it’s set up as an inventory item). The items will be grouped by categories, if categories are used. Additionally, a picture of the product or service can accompany the name of the item.

4. To specify the columns which appear in the Products and Services list, click the grid gear icon at the top right of the list and add or remove the checkmark next to each column you want to see or not see. Click the grid gear icon again to have that list of columns disappear.

5. To edit an item, locate the item to be changed, then click Edit in the far right column for that item. Make the necessary edits. Save and Close.

6. To add an item, click New in the top right corner of the Products and Services window.

a. Select a Type for this product/service (Inventory, Non-inventory, Service or Bundle).

b. The Product/Service information window appears; if you selected the wrong type of product/service, select Change type and correct your selection.

c. Enter the item Name, and, if applicable, the SKU and Category for the product/service.

d. Upload a picture for this product/service if desired.

e. For Inventory items in new companies that have no history of transactions in QuickBooks Online, specify the Initial quantity on hand (zero for new products) and the As of date for that initial quantity. (Ensure the As of date is dated far enough back in time that it pre-dates any live transactions you want to enter.) You can specify a Reorder point if desired. Also, for any Inventory items, you would select the Inventory asset account.

f. Fill in the Sales information and Purchasing information for that product/service with the corresponding default sales description, sales price/rate, income account, taxable status, default purchase description, unit cost and expense account. Save and close or Save and new.

7. To delete (deactivate) an item, locate the item, click the drop-down arrow next to Edit and click Make inactive.

8. Click Yes to confirm. Notice that items are merely deactivated and not really deleted. Transactions for deactivated items are never deleted.

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ROI Accounting, LLC

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