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Level 3

Second hand stock?

I sell new and second-hand appliances.  The second-hand stuff is repaired in house and not purchased.  How do I account for inventory?  

 

For example, if I have 10 washing machines worth £100 each retail how do I account for the stock?  Do I need to add to inventory and create an inventory listing?  

 

I have the plus version with stock control.

 

Thanks.

Solved
Best answer August 20, 2019

Accepted Solutions
QuickBooks Team

Second hand stock?

Hey Rafiq,

 

 

Thanks for your post and welcome to the QuickBooks Community!

 

Create your items as Stock, when entering the item details there is an option to enter 'Purchasing information' where you enter the purchase price.

 

For the second-hand stock which is not purchased, enter the purchase amount as 0.00, which will post 0.00 to the Cost of sales when recording a sale transaction.

 

You can see more on setting up stock in QuickBooks on our guide here, and you can post any further questions below Smiley Happy 

View solution in original post

1 REPLY 1
QuickBooks Team

Second hand stock?

Hey Rafiq,

 

 

Thanks for your post and welcome to the QuickBooks Community!

 

Create your items as Stock, when entering the item details there is an option to enter 'Purchasing information' where you enter the purchase price.

 

For the second-hand stock which is not purchased, enter the purchase amount as 0.00, which will post 0.00 to the Cost of sales when recording a sale transaction.

 

You can see more on setting up stock in QuickBooks on our guide here, and you can post any further questions below Smiley Happy 

View solution in original post