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Level 1

Buying parts for my inventory

I have a small used car business and I am wondering how to set up....buying parts for some of my vehicles .  I have a company charge account at the parts store so I get the part along with a bill but I don't have to pay my bill till the end of the month.  How do I get the parts to be deducted from my AP and make sure they are rightfully added to the 'parts' account???  I may be overthinking it......

 

Thank you!!!!!

Solved
Best answer October 13, 2020

Best Answers
QuickBooks Team

Buying parts for my inventory

Hello, BigBend.

 

I'll gladly share the details on how to handle the car parts in QuickBooks. 

 

Setting up the parts in QuickBooks depends on how you handle them. If you track their quantity, then you'll want to set them up as inventory items. Otherwise if you don't track them at all, create them as non-inventory types. 

 

Setting up the parts as non-inventory items or inventory items in QuickBooks Mac and Desktop: 

 

  1. Open the Lists menu, then select Item List (Windows) or Items (Mac).
  2. On the list window, click Item then New (Windows). For Mac, click New (non-inventory item) or + (inventory item).
  3. Fill out the fields and choose the account where you want to track the parts. I recommend consulting with an accountant so they can guide you in choosing the right account. 
  4. Once done, click Save.

More details can be found here: Add, edit, and delete items.

 

I take it that you're referring to the total cost of the parts deducted from your Accounts Payable. In this case, it will be deducted as soon as you pay the bills. When you create one, the parts are already added to your books. They'll show up under the account you've selected when you set them up. 

 

To create a bill in QuickBooks Desktop or Mac: 

 

  1. Go to Vendors, then choose Enter Bills.
  2. Go to the Items tab in the bill creation window.
  3. Choose the item you've set up to purchase. 
  4. Add other important bill details.
  5. Once done, click Save & Close

 

qbinvent1.PNG

qbinvent.PNG

 

When you're ready to pay the bill, simply go to Vendors then select Pay Bills. Check the bill you want to pay and enter all the necessary details of your payment. Once done, click Save & Close. 

 

This will deduct the current balance of your vendor's Accounts Payable and the affected bank account (your charge or company account in this case). 

 

If you need help managing other things in QuickBooks Desktop or Mac, you can open one of our articles. They have awesome guides and helpful pointers for specific tasks in the program.

 

Click here to go to our general help page. To change the product, just change it under the Topics for section. 

 

Visit the Community space again or this thread if you have other concerns with your QuickBooks company. I'm here to help! 

View solution in original post

3 Comments
QuickBooks Team

Buying parts for my inventory

Hello, BigBend.

 

I'll gladly share the details on how to handle the car parts in QuickBooks. 

 

Setting up the parts in QuickBooks depends on how you handle them. If you track their quantity, then you'll want to set them up as inventory items. Otherwise if you don't track them at all, create them as non-inventory types. 

 

Setting up the parts as non-inventory items or inventory items in QuickBooks Mac and Desktop: 

 

  1. Open the Lists menu, then select Item List (Windows) or Items (Mac).
  2. On the list window, click Item then New (Windows). For Mac, click New (non-inventory item) or + (inventory item).
  3. Fill out the fields and choose the account where you want to track the parts. I recommend consulting with an accountant so they can guide you in choosing the right account. 
  4. Once done, click Save.

More details can be found here: Add, edit, and delete items.

 

I take it that you're referring to the total cost of the parts deducted from your Accounts Payable. In this case, it will be deducted as soon as you pay the bills. When you create one, the parts are already added to your books. They'll show up under the account you've selected when you set them up. 

 

To create a bill in QuickBooks Desktop or Mac: 

 

  1. Go to Vendors, then choose Enter Bills.
  2. Go to the Items tab in the bill creation window.
  3. Choose the item you've set up to purchase. 
  4. Add other important bill details.
  5. Once done, click Save & Close

 

qbinvent1.PNG

qbinvent.PNG

 

When you're ready to pay the bill, simply go to Vendors then select Pay Bills. Check the bill you want to pay and enter all the necessary details of your payment. Once done, click Save & Close. 

 

This will deduct the current balance of your vendor's Accounts Payable and the affected bank account (your charge or company account in this case). 

 

If you need help managing other things in QuickBooks Desktop or Mac, you can open one of our articles. They have awesome guides and helpful pointers for specific tasks in the program.

 

Click here to go to our general help page. To change the product, just change it under the Topics for section. 

 

Visit the Community space again or this thread if you have other concerns with your QuickBooks company. I'm here to help! 

View solution in original post

Level 1

Buying parts for my inventory

I was also wondering.  I started putting the parts in as non-inventory and I'm not sure what income account I should put it in since I do not make any income from them.....

Level 1

Buying parts for my inventory

I have started putting the parts I have to buy for our autos to fix them.  But I am stumped when it asks me to put in the income account.  I do not make income off of these parts, just the auto that they go in.  What would you suggest I put in as my 'income account'???

 

Thank you!!!

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