cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 1

Trade ins and inventory

 We sell car batteries and we also accept trade ins from the customers.

How do I create an invoice where the trade in is subtracted from the sale while also keeping count of how many trade ins we accepted

Solved
Best answer 11-07-2018

Best Answers
Highlighted
Level 15

Trade ins and inventory

intuit never considered trade ins when programming inventory so you have to use a work around

create an inventory item called battery-used, zero on hand, zero value
create a cash type bank account called clearing
create a vendor called inhouse
create a service item called trade in, and select the clearing bank account on the item screen

on the sale, list what is being sold
follow that with the trade in item, qty is negative one, and the amount you allow

 

then using the clearing bank account, "buy" the battery-used item from the inhouse vendor, that will stock it with cost and qty.

View solution in original post

4 Comments
Highlighted
Level 15

Trade ins and inventory

intuit never considered trade ins when programming inventory so you have to use a work around

create an inventory item called battery-used, zero on hand, zero value
create a cash type bank account called clearing
create a vendor called inhouse
create a service item called trade in, and select the clearing bank account on the item screen

on the sale, list what is being sold
follow that with the trade in item, qty is negative one, and the amount you allow

 

then using the clearing bank account, "buy" the battery-used item from the inhouse vendor, that will stock it with cost and qty.

View solution in original post

Highlighted
Level 1

Trade ins and inventory

I just posted a question about this issue and then found this.

 

Your answer addresses how to treat the item for inventory purposes, which is helpful.

 

But - and I may be dense here - it doesn't seem to address how you treat the value of the credit for the trade.  ??

Highlighted
Moderator

Trade ins and inventory

Hi Matt111,

 

Your concern has been addressed by my colleague, Mark_R. Here's the link if you haven't checked it yet: https://quickbooks.intuit.com/learn-support/en-us/reports-and-accounting/is-a-trade-in-discount-an-e....

 

Let me know if you have any other concerns. I'm always around to help. Have a good one.

Highlighted
Level 15

Trade ins and inventory


@Matt111 wrote:

I just posted a question about this issue and then found this.

 

Your answer addresses how to treat the item for inventory purposes, which is helpful.

 

But - and I may be dense here - it doesn't seem to address how you treat the value of the credit for the trade.  ??


Create a credit memo and list the item being returned, that does stock the item

if the item is to be trashed,

Create a non inventory item called return-noitem, set the expense account on the item screen to a discount account (it should be a sales discount income account, but if you already have a discount expense account use that)

On the customer credit, use that item enter the amount as a positive

 

 

Need to get in touch?

Contact us