If your company needs to Track Inventory you will need a QuickBooks Online Plus or QuickBooks Online Advanced subscription. Your Products and Services should be setup before you start creating purchase or sales documents for your business in QuickBooks Online. If you purchase and sell products or services to your customers, they will need to be setup and mapped to the appropriate income and cost of goods sold expense accounts within your chart of accounts. This is how QBO tracks your income and cost of sales that are included in your Profit and Loss Report. Using products and services on your purchase and sales forms also enables you to create meaningful sales reports. Some businesses sell products and services together, and some items are taxable while others are non-taxable. It is important to correctly setup your products and services in your QBO account. On-hand inventory values are tracked in QuickBooks Online using the FIFO (First-In-First-Out) method. Each time you purchase an item that you sell the item value can change in QBO. When your product inventory is setup correctly, QBO automatically updates the your current Inventory Asset Balance each time an item is purchased.
We Create Your Products & Services and Map Them to Accounts
With this service, your accountant will create the products and services that you purchase and sell to your customers and map them to their appropriate income and cost of goods sold accounts within your existing chart of accounts. You can upload a list of your products and services into a folder within your secure document upload portal or you can email the list directly to your accountant. Your accountant will send a notification to request your products and services list that will show up on your client dashboard. You can also enter products and services directly within the request on your client dashboard. We also have an Excel template available that we place into the From My Accountant folder located within your document upload portal. You can also create bundles of products and services that you frequently sell together. If you have an existing products and services list, your accountant will update this list for you with this service offering. Once your accountant has created or updated your products and services list they will upload it into the From My Accountant folder. This detailed list will include on-hand inventory quantities.
Your Personal Guide to Seamless Accounting: Advanced QuickBooks ProAdvisor at Your Service
Hey there! I’m Gina, and I’m the proud co-founder of Lend A Hand Accounting. Why did I start this? Well, I believe that everyone should have access to affordable, efficient, and flexible accounting and bookkeeping services. It’s all about making sure these essential services fit snugly into your budget without any fuss.
We’ve ditched the traditional hourly rate system and adopted a flat fee pricing. You might be wondering, “Why does this matter?” Well, this way, you know exactly what you’re paying for upfront and there are no unexpected surprises. You get to pick and choose the accounting services you need, like a customized menu. And the best part? You’re in complete control of when you start or stop using our services. We’re essentially just a call or a text away, no need for endless phone calls or draining trips to the accountant’s office.
I’m not just any accountant though. I’m an Advanced QuickBooks Online ProAdvisor. That means I’m equipped with advanced expertise and resources to help you leverage QuickBooks Online to its full potential. My goal is to make your accounting process smooth and efficient so you can focus on what you do best – running your business.
Ready to get started? Reach out to me directly at 360-637-4799. We can even kick things off immediately if you’re ready. Simply create a free account, and I can instantly take a look at your books and let you know where you stand.
At the end of the day, we’re here to serve you. We really appreciate the trust you place in us and we’re eager to meet all of your accounting and bookkeeping needs. Looking forward to being part of your team!
Take care,
Gina
The Content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.
