Book Image

Mastering QuickBooks 2020

By : Crystalynn Shelton
Book Image

Mastering QuickBooks 2020

By: Crystalynn Shelton

Overview of this book

Intuit QuickBooks is an accounting software package that helps small business owners to manage all their bookkeeping tasks. Its complete range of accounting capabilities, such as tracking income and expenses, managing payroll, simplifying taxes, and accepting online payments, makes QuickBooks software a must-have for business owners and aspiring bookkeepers. This book is a handy guide to using QuickBooks Online to manage accounting tasks and drawing business insights by generating reports easily. Using a fictitious company, the book demonstrates how to create a QuickBooks Online account; customize key settings for a business; manage customers, vendors, and products and services; generate reports; and close the books at the end of the period. QuickBooks records your debits and credits, so you don't need to learn accounting. However, you will find out what happens under the hood and understand how your financial statements are impacted by what you do in QuickBooks. You'll also discover tips, shortcuts, and best practices that will help you save time and become a QuickBooks pro. By the end of this book, you'll have become well-versed with the features of QuickBooks and be able to set up your business and manage all bookkeeping tasks with ease.
Table of Contents (19 chapters)

Generating a sales by product/service report

The sales by product/service report gives a business owner an insight into which products and services are selling the most, as well as which products and services are not selling. Similar to the sales by customer report, you can use this information to create a marketing plan that will help you to sell slow-moving products and services. This information can also help you determine whether you should add new products and services or eliminate an existing product or service. The sales by product/service report includes the quantity sold (if applicable), the total sales amount, the percentage of sales, the average price, the cost of goods sold, and the gross margin of each item sold. Next, we will show you how to customize and generate the sales by product/service report.

Follow these steps to customize and generate the sales by product...