New to Quickbooks and Need help with setting up products and services

Hi, @FactoryEdge.

I'm here to give information on how to set up and manage projects in QuickBooks Online.

To track the profitability, use projects in QuickBooks Online. From dashboard, you can add project income, expenses, and labor expenses, add previous transactions to new projects and run project-specific reports.

Here's how to create a project:

1. Go to Business overview and select Projects (Take me there).
2. Select New Project.
3. In the Project Name field, enter the project name.
4. Select the project customer from the Customer ▼ dropdown.
5. Add any notes or details about the project in Notes.
6. Select Save.

You can directly add new transactions to your projects, such as invoices, expenses, and estimations. Adding transactions to projects does not affect how they're classified or on your accounts. You're merely adding them to the project so you can track the profits and expenses for that particular project.

Just enter the project name in the Customer/Project dropdown. Here’s how to create a new transaction from within projects:

1. Go to Business overview and select Projects (Take me there).
2. Select your project.
3. Select Add to project to create a new transaction.
4. Select Invoice, Receive Payment, Expense, Estimate, Time, or Bill.
5. Fill out details for the transaction like you would.
6. Select Save and close.

Next, Make project billable. Make sure to turn on billable expense. 

1. Select the Add to project button, then select Expense.
2. Add expenses to the form.
3. Check the Billable box next to each item.
4. Select Save and close.
5. Select the project from the Customer/Project dropdown menu (this is different from the payee for the expense).

Furthermore, Invoice your customer for billable expenses. See step #4 for the detailed instruction: Invoice customers for project expenses.

In addition, check this article that will serve as your guide on how to track inventory manually in QuickBooks Online.

Don't hesitate to let me know if there's anything else you need help with managing products and service. I'm here to help anytime.

@FactoryEdge 

I can't imagine you want to set up a new product for every gasket, belt, or tie road end that you order and invoice a customer for?  Another thought would be to use billable expenses. 

When you receive the bill from your parts supplier for a job, you can enter the parts and mark them as billable and then select your customer.  QB will keep a running tally of all the parts for that customer.  Then, when you create the customer invoice, QB will prompt you to add those parts to the invoice.  You can set up a default markup rate for all parts or you can mark them up individually when you create the customer invoice.

The billable parts will transfer from your supplier's bill to your customer invoice in the same format that you enter the bill.  So, for example, if you enter all of the parts for a job as one line item on your supplier's bill, that's how it will pull over to the customer's invoice.  If you want to show each part individually on the customer invoice, you will need to enter each part individually when you enter the supplier's bill.