Question

In QuickBooks Online, the Products and Services list contains the items that will appear on your client's purchase and sales transactions. What must each product/service item be mapped to?

Answer 1

Answer:

A relevant account from the chart of accounts

Explanation:

QuickBooks is an accounting software that is designed to assist users with little accounting experience manage their financial records.

Transactions in QuickBooks are classed as products and services. These are mapped to relevant accounts in the chart of accounts.

For example mapping can be done to asset or liability accounts.

When mapping there are three classes products and services can be mapped to:

-Inventory

-Non inventory

-Services

When setting up new product and service the appropriate class is chosen and relevant account is assigned to the product or service.

For example sales tax is mapped by default to sales tax payable account.

Answer 2

Answer:

Inventory tracking as well as these items; non-inventory, service, bundle, and inventory.

Explanation:

Each product and service item in QuickBooks online should be mapped to the items they display such as non-inventory, service, bundle, and inventory. These items are the building blocks of the QuickBooks producs/services.

They also need to be mapped to inventory tracking in order to have an effective tracking of the activities of the various inventories In the QuickBooks.