What are Product Records?
Product records are a helpful way to track the inventory of your company’s goods or supplies. They are useful tools that keep track of your business’ inventory. Product records help you track what items are selling, aid in knowing what needs to be reordered, and make the invoicing and sales receipt process simpler. QuickBooks Online will help make creating product records simple.
How to Create Product Records
Keeping product records is helpful regardless of whether your company sells products or services. By setting up a QuickBooks Online account, keeping these records is even easier.
Setting up QuickBooks Online for Product Records
Before you can start using the QuickBooks Online software’s product records, you will need to set up the account for this specific feature. Here are the steps to do this:
- Click the gear icon in the upper right-hand corner
- Under the “Your Company” title click on “Account Settings”
- Click “Sales”
- There is a section dedicated to “Products and Services”
- Click on the check boxes of the features you would like to have “on”
- Click the “X” in the upper right-hand corner to close the window
Creating Product Records
Now that your QuickBooks Online software has been instructed to keep track of your products, it’s easy to create your records. Intuit’s accounting software makes learning and maintaining new features simple for QuickBooks beginners. At this point, you are just 5 easy steps from viewing your product records.
- Select the gear icon in the upper right-hand corner of your screen.
- Select “Products and Services” under the “Your Company” title
- Click “New”
- Fill in what kind of record you want to create
- Inventory – tracks the quantity of the physical items that you sell
- Non-inventory – items that you buy or sell but do not need to track the inventory of
- Service – services that you sell
- Bundle – products or services that sell together for example QuickBooks Online training and the QuickBooks Online Software.
- Fill in as much information as possible.
Why Use QuickBooks Online
With QuickBooks Online, it isn’t just creating product records that is easy and efficient. Once you have set up this feature on QuickBooks Online, managing your inventory will be a breeze. When you click “Products and Services” in the gear icon menu, you will see a table. This table will list what products and services you sell and give you a simple way to stay up to date on the quantity you have on hand for each item.
QuickBooks Online software also provides handy tools such as the “Low Stock” and “Out of Stock” circles which make it convenient for you to know when to replenish your inventory. Finally, by setting up your QuickBooks Online Account to create product records, it will make the task of invoicing and creating sales receipts easier. Simply create directly from the product or pull the information into the invoice from the drop-down menus.
Here to Help
Although QuickBooks online is designed with ease in mind, we understand that QuickBooks beginners still need help. If you have further questions regarding how to setup and create product records in QuickBooks Online, do not hesitate to reach out to us. We specialize in setting up QuickBooks Online accounts for small businesses and are always happy to help.