Learn to use Intuit QuickBooks Online’s Products and Services list to track your services, product lines, and cost of goods sold. Manage your inventory seamlessly.
QuickBooks Online’s Products and Services Course Description
Your company's success relies on the products you sell and the services you provide. They are the foundation of your business, enabling you to generate revenue and sustain your livelihood.
To ensure your success, it's crucial that your QuickBooks file accurately reflects your stock management and service offerings. QuickBooks Online's Products and Services list serves as a tool for organizing your product lines and customer services.
By setting up this list correctly, you can easily track the popularity and profitability of your offerings, allowing you to identify your best-selling products and services. This valuable insight empowers you to make informed decisions that drive your success and boost your profits.
In addition, QBO Plus and Advanced offer inventory management accounting features. Leveraging the Products and Services list in QBO enables you to track your sales income, inventory assets, and cost of goods sold.
When using QuickBooks, you will create a list encompassing the services you provide and/or the products you sell. These items will be added to your invoices and sales receipts, providing customers with a clear breakdown of their purchases.
Furthermore, you will have the ability to generate reports that reveal your best-selling products and services, providing valuable insights into what your customers want, and which are your most profitable endeavors. Armed with this information, you can make informed decisions on how to grow your company effectively.
Don't miss out on this opportunity to transform the way your business handles products, services, and inventory. Take action now and enroll in this class to gain the knowledge and skills that will propel your company to new heights.
Sign up today and embrace a future of growth and prosperity!
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You’ll Learn About:
- Defining Income, Cost of Goods, and Inventory Asset accounts in the Chart of Accounts
- Setting up your Product & Services list
- Selling services to your customers using Invoices and Sales Receipts
- Using Purchase Orders, Bills, and Expenses to buy products for resale
- Managing Inventory in QuickBooks Online
- Selling subcontracted services
- Running Reports to show your best-selling services & products, and profit margins by revenue stream and customer
- What to do if your inventory needs are bigger than QBO
After completing this course, you will be able to:
- Describe the process to set up your Products and Services list correctly
- Recognize the steps to purchase items for resale
- Recall how to use Service items to track subcontracted labor
- Understand how inventory transactions affect the Chart of Accounts, P&L, and Balance Sheet
- Identify reports for sales analysis
Instructional LevelBasic
Course Length2 hours
Course Credits2 CPE, Certificate of Completion
Field of StudyComputer Software & Applications Delivery MethodQAS/Self Study, Group Internet Based Who should take this class?
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Watch it again later
You'll have lifetime access to the on-demand course including all handouts and class material. You'll also be able to ask questions in the Q&A forum and get answers, even years later. You can pause, rewind, speed up, and watch again and again as you apply what you learn to each situation as it crops up.
Other learners purchased these courses after completing this class:
Explore new topics & join the hundreds of other business owners & accounting professionals who have enrolled in these courses after completing Products, Services, & Inventory in QBO!
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Refunds & Cancellations
Please view our Terms of Service, for information on refunds, cancellations, and complaint resolution. To request a refund, please contact us.
Royalwise Solutions Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
Course Credits: 2 CPE, Certificate of Completion. Must be awarded within one year of enrollment.
Course Updated: December 2021(will be updated in November 2023)
Course Page Updated: August 2023
Here is the course outline:
1. How to Join the Live Zoom Webinar
Nov 21 10am .. 12pm, Zoom Webinar
Click the link to learn how to join the webinar, on Tuesday November 21 from 10a to 12p 1 section
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2. Download the HandoutDownload the handout that goes with the course. 3 sections
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3. Watch the Videos: Products, Services, and Inventory in QBO 2023 (COMING SOON)Learn to use Intuit QuickBooks Online’s Products and Services list to track your services, product lines, and cost of goods sold. Manage your inventory seamlessly. 2 sections
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4. Setting Up QBO for Products, Services, and InventoryCreating a list of the services you provide and/or the products you sell involves your settings, sales tax, and chart of accounts. Make sure these are ready to go before you start! 6 sections
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5. Inventory ManagementThis section is all about Inventory Management. Inventory is calculated using FIFO. There are some tricky workflows and adjustments for accurate inventory reports! 6 sections
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6. Products & Services ListLearn about the first three kinds of Products and Services: Services, Non-inventory Items, and Bundles. 4 sections
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7. Buying Your Products & Services in QBOWhen paying for your products and services within QBO, there are some special procedures and details. Learn about Cost of Goods, Cost of Labor for subcontracted services, and passing purchases on to your customfer for reimbursement. 2 sections
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8. Selling Your Products & ServicesReview the workflow for customer sales. Use Price Rules to create price points for special customers, wholesale & retail pricing, and special event discounts like sales and promotions. 2 sections
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9. Product & Service Profitability Reports, 3rd Party Apps, and ConclusionReports are the best way to measure how your products and services are selling, and how much profit you're making. We'll also look at your options when QBO's inventory tools aren't robust enough for your needs. 6 sections
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10. Take the QuizTake this quiz to demonstrate your mastery of the material. Pass the quiz with an 80% or higher to complete the Course, earn your Certificate, and win points! 2 sections
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Completion
The following certificates are awarded when the course is completed:
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Royalwise CPE Certificate |