If you wish to keep track of the quantity of this item, you need:.Whether the sale of the product is subject to sales tax.Preferred vendor for purchasing the product.Current price at which you can buy the product.
Price at which you wish to sell the product.Stock keeping unit (SKU) number (optional).Description of product to print on purchasing forms.Description of product to print on sales forms.Collect the following information on your products, preferably in a spreadsheet: For example, don’t have one item for “sinks.” Instead, have separate items for each model of sink you buy and sell. Include all products you buy and/or sell, even if you don’t need to keep track of exact quantities, such as nuts and bolts. You can import multiple spreadsheets, which will add to your existing list of items. You don’t need to import all items at once. The second part of this tutorial will guide you through importing your spreadsheet of products and services automatically into QuickBooks. It’s best to gather the information in a spreadsheet with one row for each product or service and a column for each piece of information gathered. The time you spend now gathering your product and service information will be recouped easily when you can create detailed invoices, record purchases, and track your inventory effortlessly at a glance. Plan on spending considerable time gathering the necessary information to complete this tutorial. Gather Your Information: Products and Services Checklist Allocate the cost of purchasing inventory between the cost of goods sold (COGS) and ending inventory automatically using the first-in, first-out (FIFO) method.Keep track of the quantity of inventory on-hand so that you never run out.Keep track of your sales by product or service.Create invoices and purchase forms quickly that will populate the description and price for the product or service automatically.Setting up your products and services list will allow you to do the following: The information you use to set up products and services becomes the default information when you create sales and purchase forms, but you can change the information before saving any transaction.
You should set up a product or service item in QuickBooks Online for anything you sell to your customers, as well as any products you buy, even if not resold. The Importance of Setting Up Your Products and Services List in QuickBooks Online
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