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Level 2

Core Charge

What is the correct way to handle a core charge in QB? 

 

Example:

Sell an item for $300 

Charge a core of $500 until the customer returns item(s) 

 

The invoice total will be for $800 (we will authorize their card for $800) and when the core item is returned, will we credit back the $500 core fee. If they never return the item, they get charged the $800. 

Solved
Best answer December 30, 2018

Best Answers
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Level 15

Core Charge

I treat Core Charge as an Other Charge Type item, because it is a Charge. Make a Parent Level item with two subitems:

Core Charge

Core Chg Refund

 

Use the Core Charge to Charge the customer on the sales receipt or invoice. Use the Refund item on the credit memo. Set up a custom report that shows only these two items, and now you can see how many/how much, and who, never returned it.

View solution in original post

6 Comments
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Community Champion

Core Charge

Add a separate item on receipt for the core charge. If returned create a customer credit for the core charge and issue refund. The core charge might be sales tax exempt if your state law allows

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Level 2

Core Charge

Should the core be a non-inventory item? 

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QuickBooks Team

Core Charge

Hi there, Jfunk.

 

I just wanted to hop in and provide some insight about this matter.

 

Generally, non-inventory items are those that you purchase but do not resell, sell but do not purchase, or purchase and resell but do not track as inventory. If one of these descriptions match the core, then you may enter it as a non-inventory item.

 

There are also other item types that you could consider for the core charge. We offer an excellent comparison guide that will help you decide which one works better for your business.

 

With the information you've gained here, I'm sure you'll find the perfect option for the core charge. Keep in touch with me here and let me know what else I can do to help you succeed with QuickBooks. Thanks for reaching out, wishing you and your business the best!

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Community Champion

Core Charge

Yes, I would treat it as non inventory. You are not tracking this in inventory, and if customer brings in core at time of purchase you would not even have to charge for it. Cores you receive have cost you nothing so have no effect on balance sheet or cost of goods sold. You do earn income when you turn them in, or essentially a discount on purchases. If you personally rebuild cores then it at that point morphs into inventory

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Level 15

Core Charge

I treat Core Charge as an Other Charge Type item, because it is a Charge. Make a Parent Level item with two subitems:

Core Charge

Core Chg Refund

 

Use the Core Charge to Charge the customer on the sales receipt or invoice. Use the Refund item on the credit memo. Set up a custom report that shows only these two items, and now you can see how many/how much, and who, never returned it.

View solution in original post

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Level 3

Core Charge

Hello. My question is how to record Core charge and Core credit on the vendor’s bill? What account to use to create a part Core charge and what account to use to create a part Core credit? 
Thank you

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