What is the difference between a product and a service?

A product is something you can touch, a service is an action performed by someone (labor). If you sell a new computer that’s a product. The installation of that computer is a service.

In QBO, product is setup as either inventory with quantity whereas service is setup with no quantity.

What is a product code and a service code?

In new QuickBooks Online, product list (like Item list) is like setting up Product price list that you would sell to your customer. Service list is like setting up Service rate list that you would invoice to your customer.

Product Inventory Information Form
Product Inventory Information Form

Service Non Inventory-Information Form
Service Non Inventory-Information Form

Handy reference guide to inventory item fields (PLUS plan)

How to setup or add inventory? See detailed instructions below.
How to setup inventory in new QuickBooks Online Plus?
How to add Inventory in new QuickBooks Online Plus?

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