Products and Services list contains the items your business offers. For these items to display on your invoices and other sales forms, the products, and services preference must be turned on. You also can add items to includes into a list all the items you sell, edit item details as needed, and also run the various products or services reports.
Why it is important to set up your products and services list?
Suppose you want to invoice customers for products and services sold or also you need to keep track of inventory cost and quantities, in that case, it is important to set up the Products and Services list in QBO.
And setting up your products and services list includes;
Create invoices quickly that will automatically populate the quantity, price for the product or service fields on the invoice, and description. You need to keep track of your sales by service or product. In this way, you’ll gain insight into what products are selling versus what products are collecting dust on the shelf.
Turn on products and services preferences
- From the Top, Click on the Gear icon then > Account and Settings (or Company Settings).
- After that Choose Sales then go to the Products and services section and click on the pencil icon.
- Click and mark to Show the Product or Service column on sales forms box.
Note: If you like to have the SKU field in Product and Services then mark to Show SKU column. But there is a thing you have to remember, the SKU will only print if you are using the Airy form template.
- Now Choose to Save then Done.
Create products and services
- At the top of the list, click on the Gear icon then > Products and Services.
- Select new from the Products and Services window.
- After that Choose the product or service type.
- Then you have to enter a new product or service information and then choose to Save and close.
- You can import products and services if you have an existing list of items
Edit product/service details
- From the top click on the Gear icon then > Products and Services.
- Now search for the product or service then choose Edit from the Action column.
- After that, you have to Update the product or service information and then choose the Save and close.
- Be aware that you will be prompted to update the transactions when you edit an item associated with a recurring transaction.
You can change product and service from one item type to another except for Bundle and Inventory items. You can also change the account associated with a product and service item.
Run and customize products/services reports
- Select Reports from the left menu.
- Type Product or Service In the Enter report name field.
- Select a specific report then customize it as needed.
How do you delete a product or service from the list?
It is difficult to delete a product or service from QB once you have used it in a transaction i.e. created an invoice for a customer. And the main fact behind this is that all transactions are linked to the financial statements. However, if you find a situation where you no longer need an item that is currently on your product and service list then you can simply inactivate that item. Therefore, it simply means it will no longer appear on the products and services list but you’ll find it in financial reports if used in a transaction.
In order to inactivate an item, you need to click the drop-down arrow next to the Edit option and then select Make Inactive. You’ll find this item will no longer appear on the products and services list.
How do you modify a product or service?
it is easy to modify a product or service that you previously set up. Select the Edit option next to the product/service and make any necessary changes.
How to Setting up products and services?
It’s important to set up products and services in QuickBooks Online. suppose if you plan to provide your customers with an invoice or a sales receipt for products or services that you sold to them. These settings decide how much information is included on all invoices, sales receipts and estimates that you make in QuickBooks.