Creating Products and Services in QuickBooks

Front

What is the first step to set up products and services in QuickBooks?

Back

Go to the sales tab on the left-hand side and select products and services.

Front

What default items does QuickBooks create?

Back

Hours and sales.

Front

How do you create a new service in QuickBooks?

Back

Click on 'new' and then select 'create a service.'

Front

What is an example of a service that can be created in QuickBooks?

Back

Hourly consulting.

Front

What hourly fee is suggested for consulting in the example?

Back

$75 per hour.

Front

What should you select for the income account when creating a service?

Back

Choose the income category that makes the most sense, such as 'service sales.'

Front

What option can you leave unchecked if you don't use the service for vendor transactions?

Back

The option to use this item for a vendor transaction.

Front

What feature can be turned on for inventory tracking in QuickBooks?

Back

Click on 'turn on inventory tracking' when creating a product.

Front

What is an example of a product that can be sold in QuickBooks?

Back

A laptop.

Front

What should you enter if you don't have any stock of a product?

Back

Enter zero for the stock quantity.