How to setup Your services list in QuickBooks Online

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!