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Creating and editing your item list

Your QuickBooks Item list shows the products and services you buy and sell. When you're recording a sale or a purchase, use items from this Item list to fill out the purchase or sales form. QuickBooks uses information you've recorded about each item to assign the sale or purchase to the appropriate income or expense accounts, and to generate sales reports and other reports based on items.

Important: If you use QuickBooks Point of Sale software, you do not need many Items in QuickBooks. Instead, you will use the QuickBooks Point of Sale software to set up your products. See integrating with QuickBooks Point of Sale software for more information.

If you enter individual sales or summaries of your daily sales and you want to track the details of the items you sell, you can set up your item list with your products and services.

Item type

Suggested usage

Service

If you sell services, create service items for each service (even the subcontracted services) you sell.

Inventory Part

Create inventory type items if you keep products in stock and want to track the products you sell as inventory (that is, you want to track your quantities on hand, cost of goods sold, and the value of your inventory). When you create inventory type items, you enter the amount you've paid for the product as well as the price you plan to charge customers for the product. You can set up QuickBooks to use average cost or FIFO to determine the value of your inventory.

Note: FIFO is only available with QuickBooks Enterprise Solutions Advanced Inventory.

Inventory Assembly

If you track raw materials in inventory and then assemble several of the items into a final product (finished goods), create inventory assembly items. For example, a bicycle shop might sell bike frames, seats, wheels, and gearshifts separately and want to track each of these items individually. However, the shop also sells assembled bicycles, which are made up of a frame, two wheels, one seat, and one gearshift. This shop can create an assembly item called "Bike," which tracks the finished goods separately from the component inventory parts.

Non-inventory Part

If you do not need to track inventory items, create noninventory type items for each product you sell. When you create noninventory items, you enter the amount you charge customers for the product.

Group

If you often enter the same set of items all at once on a sales form, use a group item to save you the effort of entering the same set of line items again and again. For example, in a computer store, if you generally sell a complete computer that includes the CPU, Keyboard, and Mouse, you may want to create a group item called "Computer," which contains one CPU, Keyboard, and Mouse item.

Payment

If you enter sales summaries, you can set up payment items to track your payment methods.

If you track each sale, you can create payment methods

Sales tax Items

If you collect sales tax, create QuickBooks sales tax items and sales tax codes to track sales tax on your sales.

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