Hi there, @vvillasana. Thank you for reaching out.
When creating a cost code for GC to track expense and income for a specific job, you create an items for this.
Here's how:
Step 1: Add a new product or service item
You only have to create a product or service once. After you create them, you can add them to sales forms as many times as you need.
- Go to Sales and select Products & services then select New.
- Select Non-inventory or Service.
- Enter a Name for the product or service and an SKU, if you track them.
- From the Category ▼ dropdown, select the category that best describes your product or service. Find out more about item categories.
- Select the I sell this product/service to my customers checkbox. If you don't sell the item, you can leave it unchecked.
- In the Description on sales forms field, enter a description. This is what your customers will see on their sales form.
- Enter an amount in the Sales price/rate field.
- Select the account you want to use to track the sale from the Income account ▼ dropdown.
- Tip: You can use an income account QuickBooks has already set up for you or select + Add new to create a new income account. Find out more about adding accounts to your chart of accounts.
- If you need to track sales tax, select the appropriate sales tax from the Sales Tax ▼ dropdown. Note: If you don’t see this dropdown, follow the steps to set up sales tax in QuickBooks.
- When you're done, select Save and close.
Now you can add the product and service to your invoices, sales receipts, expenses, and other sales forms. You can also track it on your financial reports.
On the other hand, classes are used to keep track of the income and expenses associated with each of your products or services. QBO will also let you assign it to transactions. To track segments of your business, like store departments or product lines.
Furthermore, if you want to add product and service items to track how much you make and spend on each product or service. Also, you can view this article if you want to add inventory products to update the quantity on hand as you work.
If you have any questions or need assistance with the upgrade process, please feel free to reach out. We'll be happy to help.
