Reporting on Products and Services

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About this lesson

In this lesson, we explain how to generate sales reports for products and services.

Quick reference

Reporting on products and services

QuickBooks allows you to generate sales reports based on products and services, this module will show you a few of the ways to do this.

When to use

When you think about sales, you might think about the profit and loss and as we learned in the last lesson an income account might include various products or services. This module is going to show you how to identify the sales of these products and services. This is useful to know what your best sellers are based on quantity or % of sales.

Instructions

Generating a list of products and services in QuickBooks Online

  • Method 1
    • Click on the big gear in the upper right corner
    • Click on products and services under the header of lists
    • This can be printed by clicking the printer icon to the right of the small gear
  • Method 2
    • Click on reports in the gray menu to the left
    • Scroll down to the section titled Sales and Customers
    • Click on product/service list

Reporting on sales of individual products and services 

  • Click the drop down to the right of the word edit and select run report
  • This report can be adjusted to group by:
    • Account
    • Customer
    • Month
    • Transaction type 
    • and more
  • The default report period is 90 days but you can change this to be custom dates or predefined dates

Sales by product/service summary

  • Click on reports in the gray menu on the left
  • On the right side of the reports page, click in the empty box to the right that says find by report name
  • Type the word product, from the list that appears, click on the last option titled sales by product/service summary
  • Change the report period from this-month-to-date to all dates, and then click run report

Sales by product/service detail

  • Click on reports in the gray menu on the left
  • On the right side of the reports page, click in the empty box to the right that says find by report name
  • Type the word product, from the list that appears, click on the last option titled sales by product/service detail
  • Change the report period from this-month-to-date to all dates, and then click run report

Hints & tips

  • Just a reminder here, the products/services are what you add to an invoice or sales receipt. These are mapped to an income account and that's what you'll see on the profit and loss report. You won't see the products/services on the profit and loss report.
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  • 00:04 In this video I want to talk to you about generating reports based on the products
  • 00:08 and services that you sell to your clients.
  • 00:11 First I'm going to navigate us to the products and services list.
  • 00:15 In the upper right hand corner you have a gear,
  • 00:17 when you open the gear under the column of List, you've products and services.
  • 00:23 Just a quick reminder, these products and services are what you put on the invoice.
  • 00:27 So for example, team building is what the invoice will say.
  • 00:31 The revenue earned from team building will show up in the income account
  • 00:35 called team building income.
  • 00:37 If I look down at training, my 2 hour training will show up on the invoices
  • 00:42 to our training, but the income goes into the account called training income.
  • 00:47 Along with the income for 4 hour training, an 8 hour training.
  • 00:51 I like having the products and services be a little bit more defined so
  • 00:55 that I can see which of my training programs I'm selling the most of.
  • 00:59 I can see out of all the things that I offer at my racing school,
  • 01:03 what am I selling the most of.
  • 01:05 So let's generate individual reports, team building, for example,
  • 01:09 we'll go to the right and we'll click the drop down next to Edit.
  • 01:13 We'll click on a report that says Run report and
  • 01:16 I can now see just like I saw when I ran a report for the income, or ran a report for
  • 01:21 the expenses, it's automatically the last 90 days, I can change it to all dates.
  • 01:28 I can group by customer, so I can do some good stuff.
  • 01:33 I think this is solidly okay, but
  • 01:35 I'm really excited about another thing that I can show you.
  • 01:38 On the left hand side of your screen if you click on Reports and then the search
  • 01:43 box, I find it so much faster than just trying to find it, I'll type in product.
  • 01:49 And when I type in product, I have these various reports that I can look at sales
  • 01:53 by product or service detail, or sales by product or service summary.
  • 01:58 Let's look at the summary.
  • 02:02 So the summary is for this month to date.
  • 02:05 I'm just going to change it to all dates to make it more interesting and
  • 02:08 click Run report.
  • 02:11 I can now see my percentage of sales, most of my sales come from team building.
  • 02:16 I don't know if I would have known that.
  • 02:18 I can see that I've sold five units of the 4 hour training but
  • 02:23 that only equates to 8% of my sales.
  • 02:27 I can see the total amount of money I can see the average price.
  • 02:31 Average price is useful just in case you're offering discounts.
  • 02:34 I want you to be able to see what are you really selling it for
  • 02:37 rather than what did you say you're going to sell it for?
  • 02:40 Let's go back to the report list and look at the other products and services report.
  • 02:49 So this time we're going to say products and service detail report.
  • 02:54 And then again, we'll change the date range.
  • 02:58 So now I can see the two hour training.
  • 03:01 Here's exactly how I got to the 4 sales and
  • 03:03 the the $2,000 worth of training I've sold.
  • 03:07 Here's the 30 minute track rental and here's exactly how that came to be.
  • 03:11 So I kind of these two reports as just a way to see what am I selling and
  • 03:16 who am I selling it to.
  • 03:18 Speaking of who you're selling to, this is similar to the products and
  • 03:22 services report but not exactly the same.
  • 03:25 If you click on Reports on the left hand side, find by report name,
  • 03:29 ans we'll say customer.
  • 03:31 I want sales by customer detail.
  • 03:35 Now I can see Cheesy Chester, what are they buying?
  • 03:39 So earlier I said, who's buying the 4 hour training?
  • 03:43 And now I can say what is Cheesy usually buying?
  • 03:46 What is Gleeful usually buying?
  • 03:47 So these are some really cool reports that you can generate just by having your
  • 03:52 products and services list be a little bit extra detailed.
  • 03:55 Because your list is detailed does not mean that your chart of accounts needs to
  • 03:59 be detailed.
  • 04:00 For example, all these trainings will group together into one training account
  • 04:04 on the chart of accounts.
  • 04:06 More specifically, what that means is that there's only one training account
  • 04:10 on the profit/loss called training income.
  • 04:13 But these other reports allow you to see what are you selling the most of, what's
  • 04:17 your most popular number of training hours for learning to drive a racecar?

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