An easy guide to change QuickBooks service or Inventory item types
It’s important for every business owner to create inventories of their purchases, sales, products, services, and anything else that needs to be tracked. And since QuickBooks is extremely user-friendly accounting software, it makes it as simple. Adding services or QB inventories is not a tough task, here are some simple and effective methods to add them to QuickBooks.
Understand QuickBooks services or QuickBooks Inventory items
Before jumping onto any conclusion, it is important to understand the basic difference in between QuickBooks Services and QuickBooks Inventory Items:
An Inventory Item can be defined as anything that the company offers, resells or acquire within the course of company, just like the product, delivery fees as well as handling fees, discounts and excise responsibility (tax) (if applicable). It seems as a line on an invoice or various other sales forms. Setting up things integrate inventory part and also sub-assemblies right into a single product.
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A Service is something that you offer to your clients to help them with their business and individual needs. You charge them to complete a task or by the hour. Service items can be created in QuickBooks Pro inside the list of items for the services that you provide. This helps the users to get rid of manually writing the similar item details into sales forms of the services that they offer.
QuickBooks Inventory Items:
A QuickBooks inventory item, on the other hand, is anything that your business sells, resells, or purchases within the course of business such as the product, charges for shipping, charges to handle the product, and applicable excise duty or tax. On invoice and other sales forms, it would appear as a line. Assemble items put together the inventory part and sub-assemblies.
The user can simply create service products in QuickBooks pro inside the Item list, for the services that are offered by the user. This assists in escaping repeatedly writing a comparable item information into sales forms for services offered.
Steps to create your service items in QuickBooks Pro
- Go to the “Item List” window.
- Click “Item” on the lower left.
- Once the drop down box opens, click the “New” command.
- After “New Item” window pops up, choose “Service” from Type drop-down menu.
In the “New Item” window, the fields will appear and look like ones like creating “Inventory Part” items.
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Create and add services or inventory items in QuickBooks Pro
Here is how you can create and add services/inventory items in QuickBooks Pro:
- Tap on “List” on the Menu bar.
- After that tap on the Item list, followed by opening the Item List window.
- Click on the Item tab in the lower left-hand corner of the list window to create service in QB pro.
- After a drop-down menu shows up, select “New” to open item window.
- In the next, the user is supposed to opt for Service from the Type drop-down.
- Now, the user needs to manually put in an item name in “Item Name/Number“.
- In case you wish to make this service as a sub-item of another service, select the Checkbox in front of the Sub–item.
- After that select the “Main service item” in a category where the user wishes to add a current item from the adjacent drop-down.
- Write about the service you offer in the description box so that it’s displayed in “Sales receipts” and “Invoices“.
- Enter the rate at which you provide your service and choose the appropriate “Tax code” for the service.
- Choose an “Income account” for the sales of your service through the Account drop-down.
- Click the following check-box to change the available fields. This is to mention the services your customers purchase in their “Invoices“.
- Enter the “Purchase details” for the service in the “Purchase Information box“.
- Furnish sales descriptions for the service in Sales Information and that would create Service item.
- The last and final step is to hit “OK” button, in order to save it into the Item list.
Different types of Products and Services and ways to change them
With an exception for bundle and inventory items, it should be noted that the products and services can be easily changed for one type of item to another. The items mentioned generally have a different way of tracking. It should also be noted that there are 4 item types in the Products and Services list on QuickBooks accounting software.
Different product/services types
Inventory items: Inventory items can be purchased and sold and their quantities can be tracked. You will be required to choose the Tracking Quantity on Hand option for this item type.
Non-inventory items: To define Non-inventory items, it can be said that they are those items that can be purchased and sold but it is not possible to track their quantities, such as nuts and bolts used in an installation.
Services: You provide services such as support, landscaping, and training to your customers.
Bundle: They are like a collection of products and/or services you sell jointly, for example, a beach kit that includes sunscreen, towel, flip flops, and other items. It’s the decision of the user whether to hide or display bundle components, when sending/printing transactions.
In order to add or edit bundle items, the user needs to visit the products/services option via bundle section and set as he/she wishes to put on show your bundle items.
Important: It should be noted that the feature for tracking inventory is available just in QuickBooks Online Plus. Also, bundle items can only be used or created in the browser version of QuickBooks Online. Android or iOS mobile apps are yet to support them.
Ways to change the types of products/services
Below we have discussed few points to change the product/service type:
Change Service Item(s) to Non-inventory items:
- Click on the “Gear icon” on the top and select “Products and Services“.
- Hit a click the checkbox in front of the service item you have to change.
- And then the user needs to click on the “Batch actions” drop-down box, followed by selecting the “Make non-inventory” option.
Change Non-inventory item(s) to Service Items:
- In this, firstly tap on the “Gear icon” on the top, and then select “Products and Services“.
- Click the “Checkbox” in front of the non-inventory item(s) you have to change.
- Now give a single Click on the “Batch actions” drop-down box and choose “Make service“.
Change Service or Non-inventory items to Inventory Items:
- First of all, the user needs to tap the “Gear icon” on the top, along with that select “Products and Services“.
- Now, the user is supposed to Search and spot the “Item you want to update” and then visit the “Action column” and click on “Edit” button.
- Once done with that, the user needs to select the “Change type link” and select “Inventory” button.
- Here are the additional details you’ve to enter:
- Initial quantity on hand.
- As of date or an effective date (It should be noted that the date mentioned must be a date prior to any transactions where this item was used).
- Inventory Asset, Income, and Expense accounts.
- Sales Price, Cost, and Sales/Purchasing information
- The last and final step is to select “Save and Close“.
Important: Please note that inventory items can’t be converted to any other types. If you want to change the type of Inventory items, you will have to create a new item.
We hope that you are able to add as any services or items as you wish and run your business with ease. In case you have any query or require assistance, you can contact our experienced QuickBooks technical support team. We are available 24×7 and offer nothing but the best solutions and services for all QuickBooks related issues.
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