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Sydvishus
November 8, 2022
Question

Inventory Accounts

I buy a lot of car parts for a collision center. I am putting them in each repair order and expensing them to a cost of goods account. Once I put them into my management software I export them to Quickbooks where they hit the Cost of Goods Sold account for whatever type of part they are (OEM, Aftermarket. etc)  The issue is that I expense them when I pay them. Sometimes I will get a part in one month and not close the repair order until the next month. It is skewing my gross profit numbers. For example I invoiced over $50000 worth of parts in September with sales of only $36500. where I had sales of $65000 in October with expense of only $20000. How do I make an inventory account to stock the parts into and expense them in the month the repair order is closed? 

4 replies

Maybelle_SQuickBooks Team
QuickBooks Team
November 8, 2022

Hello there, @Sydvishus.

 

In QuickBooks Desktop (QBDT), we can pay a bill on the same date or month as the invoice. This way, the transactions will belong to the same month or quarter when running a report.

 

Here's how:

 

  1. Go to the Vendors menu.
  2. Choose Pay Bills.
  3. Select the correct accounts payable account from the dropdown.
  4. Click the checkboxes of the bills you want to pay from the table.
  5. Set any discount or credit that you want to apply to the bills.
  6. Enter the date you paid the bill.
  7. Select the payment method.
  8. Click Pay Selected Bills.
  9. Select Done or Pay More Bills if you have other bills you need to pay.

 

I also recommend seeking assistance from your accountant for further guidance.

 

Also, you can combine inventory parts to build and track finished goods in QBDT. Then, the system automatically updates your stock of components using inventory parts. To learn more about this, I'd recommend checking out this article: Track the products you manufacture.

 

Please keep me posted on how it goes. Let me know in the comments if you have other concerns about managing inventories in QBDT. I'm always around to help. Take care.

SydvishusAuthor
November 8, 2022

I am invoicing the parts as they come in. They get transferred automatically into quickbooks. It would create chaos if I had to wait to enter invoices until the repair order was closed. Things would get lost and not entered etc. Ive never used Quickbooks as an accounting tool. ADP, Reynolds & Reynolds, Arkona all have parts inventory schedules you can pull from. Thats what I am trying to create, something where you can put the parts until the repair order is closed and then pull them from there 

Candice14
Level 8
November 8, 2022

Good afternoon, @Sydvishus. 

 

Thanks for reaching back out and giving some more details about your question. 

 

Based on the information you gave, I suggest reviewing these guides on particular actions to take in your QuickBooks Desktop account: 

 

 

If none of the steps helped in your case, please provide us with some additional information about your situation. 

 

Feel free to come back if you need anymore assistance. We're always here to have your back. Bye for now! 

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