Last month, we covered the setup you have to do before you start building your product and service records in QuickBooks Online. We told you to click the gear icon in the upper right, then click Account and settings, then the Sales tab, then Products and Services. Once you’ve specified your preferences, you click the gear icon again, then Products and services, then New to complete the fields required for each record.
Before you start creating product and service records, you should establish your preferences.
You can always view the Products and Services
screen by clicking on Sales
in the toolbar, then Products and Services
. (You can also access it by clicking on the gear icon, then Products and services
.) This comprehensive table, a kind of dashboard for your products and services, displays real-time information about each item’s pricing and inventory levels, as well as its type and tax status.
Click the down arrow in the Action
column, and you can work with that product in a variety of ways. For example, you can run a report, adjust its starting value and quantity, and reorder. You can also edit the record from here. Large, colorful buttons at the top of the screen give you an instant view of the number of items that are low on stock or out of stock. Click on one, and a list of those items will appear. Warning: Be sure you understand your reason for modifying inventory level numbers (either their starting value or quantity) and the impact this could have on your reporting. We recommend that you consult with us before taking either action. The same goes for reordering if you haven’t worked with purchase orders in QuickBooks Online before. Using Your Records
Once you start creating transactions like invoices and sales receipts, you’ll see why we recommended that you complete all of the relevant fields in your product and service records. QuickBooks Online is good about allowing you to supply data “on the fly” (as you go along), but your daily work will go much faster if you do your setup work first.
Here’s how you add a product or service to an invoice or a sales receipt, for example. Click on the +New button at the top of the screen and select your transaction type. Choose the appropriate Customer by clicking on the down arrow in the first field in the upper left. Check the rest of the fields in the top half of the form and make any necessary changes. Click in the field under Service Date, then click on the small graphical calendar to select the date of the sale. Click on the down arrow in the field below Product/Service.
You can select from product or service records you’ve created or add a new one on the fly.
As you can see in the above image, +New
is the first option in the list. Click on it if you haven’t yet created a record for what you’re selling. The Product/Service Information
pane will slide out from the right side of the screen. Otherwise, click on the correct product or service in the list. If you filled out all of the relevant fields in its record, QuickBooks Online will complete the rest of the line with the needed information. You only have to enter a quantity in the Qty
Enter any information requested at the bottom of the screen and Save
the transaction. QuickBooks Online will reduce the quantity available for any products you just sold. You can see your sale and how it affects inventory by looking at reports. Sales By Product/Service Detail, for example, shows you the sale you just made and any others within the date range you selected. Product/Service List
provides a number for the quantity on hand. Run Inventory Valuation Detail
to see a combination of the data in both of those reports. And if your company counts inventory periodically, you can use the Physical Inventory Worksheet
, which even displays a number for any items currently on purchase orders.
We hope you’ve been able to continue supplying your customers with the products and services they need during these challenging times. If you maintain thorough product records in QuickBooks Online, you’ll find that your daily sales work can be both fast and accurate. The site can also help you maintain enough inventory that you don’t run short, as well as don’t have too much money tied up in excess products. Please let us know if we can help you with this critical tracking task – or if you have questions about any other element of QuickBooks Online.