Skip to content
View menu
Royalwise OWLS (On-demand Web-based Learning Solutions)
Log in
QBO Video Courses

QBO Products, Services, & Inventory Course


Course
Alicia Katz Pollock
Purchase for $54

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

The Products and Services list in QuickBooks Online organizes your small business’s product lines, and the services you offer your customers. QBO Plus also has inventory management accounting. Learn to use QBO’s Products and Services list to track your sales income, inventory assets, and cost of goods sold.

Set up a list of the services you provide and/or the products you sell. Add them to your Invoices and Sales Receipts to show customers what they paid for. Manage Inventory quantity and value. Run reports to find out your best-selling products and services that make you the most money.

What You’ll Learn

  • 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

Instructional Level

Beginner to Advanced

Course Length

1.75 hours

Course Credits

1.75 CPE, Certificate of Completion

Field of Study

Accounting/Bookkeeping

Delivery Method

QAS/Self Study

Who should take this class?

  • Service-based businesses who want to track their most popular services
  • Retail businesses who track inventory in QuickBooks Online
  • Businesses who sell products
  • Businesses who subcontract services and want to analyze profitability

 

Other learners purchased these courses after completing this class:  

   

 

Why pay full price? Sign up for a Royalwise OWLS Membership
and get this course and more for one low monthly price.
Silver membership pays for itself in just two courses per month!

For more information regarding concerns, refunds, and program cancellation policies, visit our Terms and Conditions

 

 

 

 

Refunds & Cancellations

Please view our Terms of Service, for information on refunds, cancellations, and complaint resolution. To request a refund, please contact us.

 

Royalwise 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 Updated: December 2021

Here is the course outline:

1. Download the Handout

Download the handout that goes with the course.

1 section
pageText QuickBooks Products, Services, and Inventory Class Handout

2. Setting Up QBO for Products, Services, and Inventory

Creating 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!

5 sections
pageText Introduction and Agenda
pageText Account and Settings
pageText Sales Tax
pageText Chart of Accounts: Profit and Loss
pageText Chart of Accounts: Balance Sheet

3. Inventory Management

This section is all about Inventory Management. Inventory is calculated using FIFO. There are some tricky workflows and adjustments for accurate inventory reports!

6 sections
pageText Inventory Items
pageText Should I Manage Inventory?
pageText Inventory Calculations (FIFO)
pageText Inventory Quantity Adjustments
pageText Inventory Value Adjustments
pageText Negative Inventory

4. Products & Services List

Learn about the first three kinds of Products and Services: Services, Non-inventory Items, and Bundles.

4 sections
pageText Viewing Products and Services, and Importing a List
pageText Service Items
pageText Non-inventory Items
pageText Bundles

5. Buying Your Products & Services in QBO

When 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
pageText Vendor Workflows
pageText Paying for Contracted Services (Cost of Labor), and Getting Reimbursed by Customers

6. Selling Your Products & Services

Review 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
pageText Customer Transactions
pageText Price Rules

7. Product & Service Profitability Reports, 3rd Party Apps, and Conclusion

Reports 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.

4 sections
pageText Business Reports
pageText Sales and Inventory Reports
pageText 3rd Party Apps
pageText Conclusion - What's Next? Rewatch, Review, Rate, Refer a friend!

8. Take the Quiz

Take 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
quiz Quiz: Products, Services, and Inventory
pieChart Evaluation & Participation Survey

Completion

The following certificates are awarded when the course is completed:

Royalwise Credit Certificate
Back to top