Yes, @AngelBK.

QuickBooks Online makes it easy to help you track how much you make and spend on each product or service. For a more detailed guide in adding services and products to your account, see our add product and service items page. 

Then, QBO also has the reports you need to view your sales and inventory status. Let me guide you through the process.

1. Go to the Reports menu.
2. Scroll down to the Sales and customers section and run reports like Sales by Product/Service Summary (total sales for each product), Sales by Product/Service Detail (sale transactions by product), Inventory Valuation Summary (items  quantity on hand, value, and average cost ), Inventory Valuation Detail (transactions for each inventory item), Physical Inventory Worksheet (inventory items with space to enter your physical count). 
3. If you want to see those items that are still on order, just go to the Expenses and vendors group and choose Open Purchase Order Detail report. 
4. Once opened, you can also customize the report to get the info you needed most. 

Feel free to get back here if you have further concerns about setting up product and service items in QBO. I'll be around to help you in any way I can. Have a good one.