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This chapter is from the book

This chapter is from the book

Adding Items

An item is a description that appears on your purchase and sales forms. Services and products that you buy and sell are items, as are the charges related to those services and products, including discounts, freight charges, late fees, and sales tax. At any time you can add to your item list, increasing the number of items that can be entered on your company’s forms.

  • yellow-circle-1.jpg To create a new item, open the Item List by clicking Item List on the Lists menu or the Customers menu. Press Ctrl+N to open the New Item window.
  • yellow-circle-2.jpg Select the type of item from the Type drop-down list. Your item type must be selected from one of the 10 categories offered in this list. Inventory Part has been selected in this example. Your screen might differ if you select a different item type.
  • yellow-circle-3.jpg Enter a name by which you will identify this item when you enter the item on purchase and sales forms.
  • yellow-circle-4.jpg If the item is to be a subitem of another item, check the Subitem Of box and enter the parent item.
  • yellow-circle-5.jpg Enter the description you use for this item on purchase forms such as purchase orders and bills.
  • yellow-circle-6.jpg In the Cost field, enter the amount you pay when you purchase this item. If the cost varies with each purchase, leave the field blank and enter the cost on the bill when you enter the actual purchase in QuickBooks.
  • yellow-circle-7.jpg Enter the account to which you will charge the expense for this item in the COGS Account field.
  • yellow-circle-8.jpg If you purchase this item from the same vendor time after time, enter the vendor name in the Preferred Vendor field. Otherwise, leave this field blank and enter the vendor name on the bill each time you purchase the item.
  • yellow-circle-9.jpg If you are creating an inventory item, in the Asset Account field, enter the account to which this item is added when purchases are made. This field might not appear, depending on the type of item you are creating.
  • yellow-circle-10.jpg If you are entering an inventory item, enter the number of the items necessary to trigger a reorder in the Reorder Point field. Enter also the quantity of items currently on hand.
  • yellow-circle-11.jpg Enter the description of the item as it appears on an invoice.
  • yellow-circle-12.jpg In the Sales Price field enter the amount you normally charge for this item. If the sales price varies with each sale, leave the price blank and enter the price on the actual invoice when the item is sold.
  • yellow-circle-13.jpg Indicate whether the item is taxable in the Tax Code field.
  • yellow-circle-14.jpg Enter the account to which income from the item’s sale is credited in the Income Account field.
  • yellow-circle-15.jpg Click OK.
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