Quickbooks Questions and Answers

Explain how QuickBooks can be helpful in managing products and inventory?

  • Inventory valuation summary: It summarizes key information such as quantity on hand, value and average cost for each inventory item
  • Purchases by product or service detail: Groups your purchases by the items in your product or service list
  • Sales by product or service detail: List sales for each item on your service or product like date, transaction type, rate, quantity, total and amount
  • Inventory valuation detail: Lists the transactions that each inventory item is linked to and shows how the transactions affected quantity on hand, value and cost
  • Sales by product or service summary: It summarizes sales for each item on your service or product; it includes amount, quantity, percentage of sales and average price