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.
Accounting and Bookkeeping Support by a QuickBooks ProAdvisor Program Member
I founded Lend A Hand Accounting because I believe accounting and bookkeeping services should be affordable, efficient, and flexible. We use flat fee pricing, which makes our accounting services a comfortable fit for any budget. At Lend A Hand Accounting, we’ve found a formula that really works! You select the accounting services you need, and control when you want to start or stop services. It is all in your hands! We’ve cut out the need for endless phone calls and long trips to the accountant’s office.
Feel free to call or text me now at 360-637-4799. We can also get started right away. Go ahead and create a free account and we can automatically look at your books and let you know where you stand.
We really appreciate your business and look forward to serving all of your accounting and bookkeeping needs. Thanks again!
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.