What does “Product or service” mean in bookkeeping?
Product or service (also called Item): Something you sell, set up once with its price and the income account its sales go to.
ExamplePastry box, $36, goes to Food sales.
Practice it hands-on
- B2.5 Products and services15 min
- B3.1 Create an invoice15 min
Related terms in Money in (sales)
Written for US bookkeeping. Last reviewed November 5, 2026. See all 100 terms.