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7/11/2019

How to setup Your services list in QuickBooks Online

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One of the best ways to streamline your invoicing process is to setup your Products and Services list in QuickBooks Online. Here's how:
  • Log into QuickBooks Online, hover over the Sales tab and click Products and Services.
  • Click New on the top right.
  • Choose the correct category: Inventory, Non-inventory, Bundle, or Service. Read through each description if you need help deciding. 
  • Name your service/product and choose a category which helps you classify and organize the things you sell.
  • Optional: add a description that will show up on the sales form. 
  • If you fill in the price/rate box it'll automatically fill in the pricing on your invoices.
  • Choose an income account or create a new one. You want this to correlate with the product or service since it shows up as a line on your Profit & Loss Statement. For example, I have a service called Monthly Bookkeeping (surprise!) and the income account I use is Monthly Bookkeeping. When I look at my Profit & Loss Statement, I can see how much I made from Monthly Bookkeeping. Note: You do not need to setup a separate income account for each service you offer. You may generalize the categories to fit your needs.
  • Finally, check the box if it's taxable and choose the sales tax category. Click Save.
Now your product or service is setup and ready to go!

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