When you add details about your products or services to Money, you can use that information to create invoices, track income, and prepare for your taxes. You can record the items you sell and add details, such as the cost of creating or buying inventory products, what you'll charge for your products and services, and whether they're taxable.

Assigning your products and services to categories allows Money to generate accurate sales and other reports. For example, Money adds income from your business sales to the profit and loss business reports. Money also uses the income category information to prepare a Schedule C (An IRS form used to calculate the profit and loss from a sole proprietorship. ) report. (A partnership or corporation, such as a Subchapter S corporation, has different requirements.)

Money lets you choose from a list of your products and services when you create an invoice. When you choose a product or service and specify the amount, Money automatically calculates the cost, adds the tax if applicable, and provides an invoice total.