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Level 1

Inventory markup and service income

I am new to quickbooks, and working with a startup auto repair and sales shop.  We buy parts at wholesale, charge a small markup percentage on the part, and then charge the fee for the labor for installation.  We use external invoicing software.  For recordkeeping purposes, how would I record the non inventory part for profit, and then the labor charge for the same invoice?

2 Comments
Level 15

Inventory markup and service income

If you buy parts and stock them on hand, that is inventory.  And when you create inventory type items you set the sales price.  Use that item on a sales receipt or invoice, and the sale price will show (you can click in it and change it if you need to on the spot)

Labor charged for repairs would be a service type item posting to an income account.

If you are using external software you ought to look at whether it exports the necessary data to excel, if so there are third party apps that would import that transaction data for you.

I would suggest you call around and ask other local shops and see if they can recommend a QB consultant or QB accountant that can help you get it all set up.

Answers also depend on whether you are using QBO or desktop, and to be honest, questions about how to use QB are better placed on the support site than here.  https://community.intuit.com/

Anonymous
Not applicable

Inventory markup and service income

Hello @agent01,

 

A warm welcome to the QuickBooks Community! 

 

@ParkwayInc has some background in this industry and is an expert organizer. Any suggestions for our new member? 

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