Product Creation in QuickBooks

QuickBooks offers a system for tracking sales tied to a product through its Products and Services feature. In addition to the three basic products created by Acodei during the onboarding phase of setup, you can also create additional products based on your needs. This page explains why creating new products is useful and how you can create a new product in QuickBooks.

Why Create Products?

Products in QuickBooks are used to track sales of specific items meticulously. For instance, a single sale at a retailer may encompass various items like t-shirts, pants, and socks, each necessitating representation by a product in QuickBooks.
Sales receipts, refund receipts, and invoices effortlessly integrate with products, making them indispensable for use with Acodei. After they’re created, products are then linked to an income or expense account, reflecting on your Profit & Loss Statement. For instance, T-shirts A and B could be mapped to a T-shirts account on your chart of accounts. Additionally, you can generate a product breakdown report for further analysis.

How Acodei Uses Products

Acodei employs products extensively for mapping functionality. During setup, you will designate an account for receiving payouts, a Stripe holding account, and which accounts you want your products to map to.

We create three products during onboarding: one for sales, one for refunds, and one for fees. However, you will need to create dedicated products for multiple product mappings, tax tracking, or uncommon transaction types like Stripe Connect or Stripe Capital. Each product should be mapped to an income or expense account or, in some cases like Stripe Capital, a liability account.

How to Create a Product in QuickBooks

To create a product in QuickBooks, follow these steps:

1. Log in to your QuickBooks account.
2. Click on the Sales option in the left side menu.
3. Select the Products and Services top tab.
4. Click the green New button at the top right corner of the Products and Services page.
5. Choose the appropriate type of product or service you want to create. QuickBooks provides options like Inventory, Non-inventory, Service, and more.

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Note

Acodei suggests creating products as Non-Inventory or Service types for optimal functionality.

6. Fill in the details for the product or service you create, such as the name, description, sales price, cost, and income account.

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Note

For Acodei's purposes, set your products to be Nontaxable since QuickBooks Tax can disrupt your sales amounts.

7. Set the income account to track the revenue associated with this product or service.

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The income account field can also accept expenses or liabilities, which is useful for products mapped to fees, refunds, or uncommon transaction types.

8. Save the product or service by clicking the Save and Close or Save and New button.
9. Add your products to the Account Mapping, Multiple Product Mapping, or Uncommon Transaction modules in Acodei.