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Re: how to set up accounts for company that does intermediation

Thanks for getting back, @enrico.

 

I can help provide additional information about the difference between the two items.

 

A service item will include charges for professional fees that your firm buys or sells. If you're creating a service item used in purchases, you record your vendor's unit price as rate and choose an expense for the account. If it's a service item you sell, you record your typical selling price as the rate and choose an income account.

 

The non-inventory item is a material bought and/or sold, but not tracked as inventory part. QuickBooks won't track the quantity on hand nor the value of these items. 

 

Also, a service item is available for timesheet use which is not available in non-inventory. 

 

Keep me posted if you have other questions about using the service item. I'm here to help however I can. Have a great weekend.