From the course: QuickBooks Online: Best Practices to Unlock Business Growth
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Organize with products and services - QuickBooks Online Tutorial
From the course: QuickBooks Online: Best Practices to Unlock Business Growth
Organize with products and services
Your profit and loss should tell a story of how your business is doing Like hoarders, Some companies put so much clutter on their profit and loss statement that no one can figure out what is happening. The solution in QuickBooks is to use products and services to store your information, not the accounts and the profit and loss. Products and services or items in QuickBooks is an often underused but fabulous tool to keep your financial information organized. After this lesson, you'll be able to identify when and how to use products and services to maximize the value of your financial information without sacrificing helpful details. For a landscaper, products and services would be weekly maintenance, new installations, and hardscape. Incorrectly, I often see new clients with separate income accounts for each service. So in this example, the landscaper might have income accounts called weekly maintenance. New installations, hardscape irrigation and all the other services they offer…
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