How to set up Products and Services in QBO 2022

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In this video, Hannah Smolinski, CPA and CFO to growing small businesses shows you how to set up products and services in Quickbooks Online (QBO). Then she shows you how to attach those services/products to a specific income line item on the P&L. This will allow you to have proper reporting of every sale! You can have a customized P&L for your business with very little effort!
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Hannah Smolinski is a #CPA and the Founder of Clara CFO Group. Find out more about Clara CFO Group at claracfo.com/
Disclaimer: This video is intended for educational purposes and
should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Clara CFO Group, LLC is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience.

[@cheufdphil2487]

Thank you for your work!

[@ClaraCFO]

Thanks for watching!

[@pacitapaz]

Hi. Based on your discussion re invoice, landscape consulting is an account. Is it not a service name/ description of service (landscape consulting) rather than an account, e.g. Landscaping Services: Labor - Consulting Services. I am a little bit confused. Thank you for this video, it helps me a lot to know more how quick books work. Thank you, again.

[@DenaKaye-Scott]

At 12:00 why was the Diego consulting under Labor when design income is up top, because we haven't been paid yet?

[@humblerojo6300]

If you do not keep an inventory but do sell items and you do not pay for QB Inventory… would you just classify all products and items sold as non-inventory items and then track those to to supplies:supplies and materials? Could you please do a video on how you would run QB if you’re not keeping an inventory but do sell products? No one on KZbin, at all, has made a video about how they’d do this since the law changed in 2018. Thank you.

[@lixyibethgarcia1892]

I am new to quickbooks and I am struggling on categorizing with a certain type of payment as I am not sure how to allocate it. I am a document preparer so when clients pay me they pay my fees along with the fees (most of the time) they need to pay for the services. For example opening up a business for the client, they will include my fee along with the fee that needs to be paid for the annual report. So I will pay from my bank the fee to the state for the annual report. What category would I put the fee of the annual report. Would that be under Licenses expense? Any advice is welcome.

[@daniellej3016]

How do you get the Categories to show up in Bold eg: Lanscaping on your Products and Services page??? I can't find a tutorial to tell me how to do this.

[@Williamsikueze]

How do i get a practicing version that can help me practice with hypothetical data and instructions?

[@hunterdias1350]

Can you specify a software solution for inventory that integrates with quickbooks? I have a lot of inventory, and I build assemblies with inventory components. These components can be shared across multiple assemblies. Thus, keeping track of stock is hard when 1 common item is used very frequently. I'm in the automotive industry

[@ClaraCFO]

I'd look into finale inventory. But make sure if you implement it that you get help. No inventory management system is perfect, but getting it right at the setup stage is important!

[@lashandabrown9409]

My invoicing was set up incorrectly. Is there a way to change the product and service lines from paid invoices?

[@israelalvarado9720]

Hi , what if you have a negative income ? Somehow it has to do with products and service.

[@robbynswiscoski3964]

Why do I need to setup an avcvount with you to get the free check list

[@jocelynjmj]

Could you also do video tutorials for e-commerce stores? Specifically Shopify??

[@ClaraCFO]

Hi Jocelyn - I probably won't do much for Ecommerce since we don't have many ecommerce clients. You may want to check out kzbin.info Hector has a bunch of videos on shopify/ecommerce!

[@moderndwellingsofGeorgia]

Do you have a video that would show how to mark an expense in the chart of accounts "use for billable expenses" in QBO Plus? I don't mean the account settings (I've already done that) but specifically an expense in the chart of accounts? Thanks for any help.

[@ClaraCFO]

I don't have a video for that. I'd try to help, but I am not 100% sure what you are asking.

[@klassykreationscompany5848]

thank so much for this tutorial. I'm a wedding florist and my chart of accounts is set up based on services or products that I no longer offer or a modified version of a product. Should I delete the old product setup in my account or should I leave it as is & just create a new set of products & services?

[@ClaraCFO]

In the products/services section, you can make old products inactive. Find the item you want to make inactive, and then on the right hand side of the selection, you will see a drop down box to make it inactive. You can set up new items from there if that is easier!

[@mattb362]

I started a photo booth business last year, I have been using pen/paper and paypal method of banking and book keeping. My business has really picked and started to grow and the old method is getting really hard to keep up with. If I purchase QB, can I go back and manually enter all of my purchases, invoices, payments etc without sending invoices to the customer again? This way I can have electronic records of my business from day 1 of operation?

[@ClaraCFO]

Yes! You can import past transactions from your bank and keep everything electronic. You probably won't recreate your old invoices (but you can if you want to). You can just enter in all the received items as income and make a note as to where the money came from. You can even attach old invoice records if you have them!

[@bilaltheeducators]

I can manage and keep record of you sale and expenses in quickbook....as remote job

[@bilaltheeducators]

I want QuickBook Remote Job. Teacher Do you have???

[@ClaraCFO]

Sorry - I don't!