What are Quickbooks Items?
Quickbooks items are the things that you enter on the line item area of transactions like Invoices, Purchase Orders, Bills etc. Most of these items are simply items you buy or sell. Some of them are used for calculations.
There are different types of Quickbooks items and most of them you need to assign or associate an account. This account can be either an income or an expense account or a different type of account.
Here are the steps to create an item:
- In your Quickbooks click the Lists menu or go to Home then click Items & Services icon.
- The Item List window shows up then click the Item button at the bottom then click New.
- The New Item window shows up. Go ahead and fill it out.
Note that this New Item window differs for each type of item.
- Type - select the type of item that you want to setup.
- Item Name/Number - enter the name or number of this item.
- Subitem of - if this item is a child or sub of another item place a check mark next to Subitem of then select the parent item.
- Unit of Measure - select the unit of measure that you want to use for this item.
- Rate - enter the amount for this item.
- Account - enter the account this item is associated with.
- Click OK to create this item.
Here are some of the types of Quickbooks items:
- Service - choose this type if you are charging for the service or purchasing a service.
- Inventory Part - choose this type if you want to track your inventory. You buy the item from a vendor then put it on your stock then resell it. Click here to know more about setting up Inventory Item in Quickbooks.
- Inventory Assembly - choose this type if you assemble or build inventory. Click here to know more about setting up Inventory Assembly in Quickbooks.
- Non-inventory Part - choose this type to setup an item that you don't put in your inventory. Example: Items you buy but you don't resell, you sell but you don't purchase (you purchase and charge it back to your customer) and those items you don't track inventory.
- Other Charge - choose this type to setup a miscellaneous charges. You can also use this type as part of the process of handling bounced checks.
- Subtotal - choose this type to setup a subtotal. Using this item type will allow you to totals all the items above it on a transaction form.
- Group - choose this type to create a group of items that you don't want to enter manually in a transaction.
- Discount - choose this type to create a discount to substract a percentage or fixed amount from the total or subtotal amount.
- Payment - choose this type to create a payment that you can use to enter in a transaction. Use this when you receive a partial payment from your customer at the time of the sale.
- Sales Tax Item - choose this type to setup a sales tax item to be used to calculate single tax at a specific rate.
- Sales Tax Group - choose this type to setup sales tax group to be used to calculate and individually track two or more sales tax items that apply to the same sale.