QuickBooks displays the Inventory Part version of the New Item window. If youre a manufacturer, the raw materials that you buy and then use to assemble your products represent inventory. If youre a retailer, all that stuff thats sitting out on the shelves of your store represents inventory. Use the Tax Code drop-down list to indicate whether the service is taxable. Use the Rate box to describe the price or rate per unit of service. Your description appears in invoices and purchase orders, so you want to be thoughtful here. You indicate which services are performed by subcontractors, owners, and partners because these parties are subject to different tax accounting rules. If the service is a subitem, select the Subitem Of check box and identify the parent item. In the Item NameNumber box, give the service a brief code or name. When you bill a client for preparing his or her tax return, the line item that appears in the invoice for Tax Return Preparation is a service item.Ī health-care provider, such as a dentist or doctor, provides treatment or performs procedures.Ī contractor may provide services such as painting and cleanup. If youre a CPA, you probably prepare tax returns for individuals and businesses. Then you use the New Item window to add the item in the manner discussed here. QuickBooks adds the item that you just described in the Item list.įor example, if youre using the Create Invoices window or the Create Purchase Orders window, you can open the Item drop-down list and select Add New Entry from the list.
You describe an inventory item that may appear in an invoice differently from the way you describe a sales tax that youre required to charge.īased on the type of item, QuickBooks supplies other boxes that you use to describe the item.
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