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Buy nowI'm mapping the Products and Services to Income and Expense accounts. The Expense accounts are fine, because each P&S only falls within one Expense account. However, for income, a single P&S can fall under various Income accounts. For example, P&S "Cleaning" will sometimes fall under the Income account "Residential Remodeling" and sometimes under "Commercial Remodeling" depending on that particular instance of cleaning. (There are 5-6 such Income accounts where any may be applicable for a particular P&S).
How should I proceed with linking Income accounts to P&S items? Thanks.
Thank you for your effort in mapping Products and Services to Income and Expense accounts, @kapp.
I appreciate your elaboration regarding assigning items to specific accounts. Let's go over them to ensure they fall under the right one.
QuickBooks allows you to set up an Income account for your items. Review them to ensure you're mapping them correctly. However, you'll need to create different items so you can account them accordingly.
Here's how:
I'm adding a screenshot below:
See this article to learn more about tracking how much you make and spend on each product or service: Add product and service items to QuickBooks Online.
To give more information about managing inventory and what reports are available in QuickBooks Online, check out the following resources:
With the information above, you'll be able to set the precise Income account. Keep me posted if you still have concerns about mapping items. I'm always here to help.
Each P&S can only have one income account. So, if you provide cleaning services for both residential and commercial customers that bill at different rates or you want them mapped to different income accounts, create a separate service item for each (Cleaning - Residential, Cleaning - Commercial) and map them to their own income account.
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