Thank you Lily for the straight answer!

Trying to set up a "sub account" when I am adding an inventory item through "products and services".  Do I need to turn this on; it does not appear as an option, but should I'm told.  I'm using QBO Plus.

Thank you

Hi EKH3,

There are a few scenarios that we can consider when setting up sub-accounts in QuickBooks Online (QBO). Let me share them and help you from there.

If you want to create a sub-account under an existing account in your Chart of Accounts. Here's how:

1. Click the Gear icon and select Chart of Accounts.
2. Click New.
3. Select the account type and detail type. 
4. Click Is sub-account and then enter the parent account.
5. Give your new sub-account a name. You can also add a description or change the display name or add a description.
6. Enter the sub-account’s balance.
7. Click Save and Close.

If you're referring to sub-items under your Product and Service page, make sure that inventory is turned and you can create bundle. Follow the steps below:

1. Click the Gear icon.
2. Select Products and Services.
3. Click New, then select Bundle.
4. Create a sub account under the Name field.
5. Click Save and close.
6. Click New, select Bundle.
7. Enter the name of the item where you want the sub-item to fall under.
8. Under the Product/Service column select the sub-account.
9. Click Save and close.

I have included this article in case you have questions about inventory: Inventory.

Post a comment if you need anything else. I'm always right here to help.

Thank you; I'm watching a used car inventory training video.  It is current, (2019), but their QB Online has a field when setting up a new inventory product called "is sub-product of".  Instead of this field, my version has "category".

Hello there, EKH3.

Thanks for keeping us updated here in the Community.

In line with your concern, the video you've seen is the old version of QuickBooks Online since the steps on how to add sub-items under your Products and Services has been updated and change on the latest version.

To create a sub-item under your Products and Services, you can follow the steps provided by my colleague MariaSoledadG.

If there's anything else I can help you with, please let me know. I'm more than happy to further assist.

My apologies if I am slow on the uptake as I have a lot to set up.  As an example, my intent was to create a parent "Class", ie "Chevrolet" and then sub accounts (vehicle models) that fall under the "Chevrolet" class. Would I use "bundles" to achieve that?

I appreciate you for taking the time to reach us back, EKH3.

Let me help wipe out the confusions and bring clarifications in handling inventory items.

If you want to create a sub-account for your products and services, you can use the categorizing option in QuickBooks Online (QBO). This will help group your inventory by creating a category for them.

I'd be delighted to help you through the whole process. First step is creating a category. Here's how:

1. Go to Sales.
2. Click Products and Services.
3. Select the More drop-down, then Manage categories.
4. Select New category. Then add the category’s name.
5. If you want to be more specific with grouping the things you sell, select Is a sub-category. Then select the main category.  Example: “Chevrolet” can have sub-categories like "Avalon," "Sierra," and other vehicle models.
6. Select Save.

That's it. Anything else you need to know about categorizing products and services can be found in this article: Group your products and services into different categories.

Drop me a reply if you have other questions and I'd be more than happy to continue helping.

Thanks!

Hello again, @EKH3.

It's great to know that you found the information helpful! 

Should you need additional assistance with setting up the cars or anything else, the Community has your back. Cheering you a great weekend ahead.

Question:

I am using "Sales Receipts" and "Products and Services" to post used car sales with warranty sales, sales tax collected, etc as a "product".  I need to track "down payments owed" via a sales receipt, but there does not seem not seem to be a way to do this.  Currently, I am closing sale amounts owed to a "contracts in transit" asset account and making a journal entry to credit contracts in transit for down payment owed and am debiting an A/R account.  Is there an easier, more effective way?

Hello there, EKH3.

You can record the down payments owed as a retainer. Since the retainer is treated as a liability to show that, although your business is holding the money from a deposit, it doesn't belong to you until it's used to pay for services. 

To do this task, here's what you'll need to do:

1. Create a liability account. 
2. Create a retainer item. 
3. (Optional) Create a trust liability bank account if you keep the money from customer retainers and deposit in a separate trust account.
4. Create a sales receipt to record the contract amount.

For detailed guidance on the process, I've provided above, check this article: Record a retainer or deposit.

As always, you can contact your Accountant to see if there is another easy way to track down payments owed.

If you have any other concerns, let me know by commenting below. I'm here for you. Have a great day!

hi I am new for quickbooks and i want to install quikbooks and do the migration from excel to quickbooks 

 so please suggest me which is the best way to start the quick books

Thank you for choosing us as one of your partners in building your business, Nayazskyhigh.

You can start by selecting the right QuickBooks Desktop version for your business. You can visit our website to compare the features and prices.

Once done, you'll have to download and install QuickBooks Desktop. Before you start, please review our system requirements to make sure that you have what you need for the best QuickBooks experience.

Then, you can now start setting up your company file. After that process,  I recommend that you continue setting up your business to make sure your financial statements are accurate. You can check the pointers that I've listed below:

• Add your customers and vendors
• Set up QuickBooks Desktop Payroll
• Add your employees
• Set up the items you buy and sell
• Set up your other accounts (bank accounts, etc.)
• Enter all the transactions that occurred before your start date
• Set up your sales tax information (if you charge sales tax)

Since you're previously using Microsoft Excel, you may import your customers, vendor, and items from an Excel spreadsheet into QuickBooks Desktop.

Additionally, the program has a built-in Help system that will assist you in performing common tasks. Just press the F1 key to get help from anywhere within QuickBooks. You can also enter a keyword at the top of the Help window.

Lastly, I encourage reading or downloading our QuickBooks Desktop user guides for more resources.

Fill me in you need more help setting up your business. I'll be more than happy to assist. Have a good one!

What if the costs to accumulate in the car are staggered over multiple months?

Hello!

Since you're just starting, I recommend setting up QuickBooks Pro Desktop by creating a "Cash" bank account to track the cash flow. When you buy cars, use the "Inventory" item type to record the vehicle purchase as inventory. For repairs and inspections, you can set up expense accounts (like "Auto Repair" or "Inspection Fees"). When you sell cars, create sales transactions and link them to the inventory.

If you need more flexibility with inventory tracking and barcode scanning, consider using Cleverence Warehouse 15 for mobile barcode scanning and inventory management. It syncs with QuickBooks and simplifies operations, helping you manage inventory more efficiently.

Learn more here: Cleverence Warehouse 15
https://www.cleverence.com/solutions/quickbooks-warehouse-15/ 

Hope this helps!

Is there an updated step by step process to do this on QB Desktop Pro Plus 2024? it would be very helpful.

The process is similar to the 2024 version, MasterMar. Let's set up your used car dealership in QuickBooks Desktop together.

First, adjust some settings in QuickBooks so you're greeted with the home page whenever you open the software. Follow these steps to do so:

1. On the top menu, go to Edit and then Preferences.
2. Navigate to the Desktop View on the left panel.
3. Tick the Show Home page when opening a company file option.
4. Click OK.

This will give you an overview of your workflow. Then, let's turn on the inventory option. Here's how:

1. On the same Preferences window, go to Items & Inventory.
2. Ensure the settings are adjusted to make inventory active in the Company Preferences tab.
3. Tick the Inventory and purchase orders are active option.
4. Click OK.

Afterward, create new accounts for your dealership. You can refer to Rustler's answer in this thread on the specifics. When the car is ready for sale, follow the steps below to guide you.

1. Create the inventory item for the car.
2. If you don't have one yet, create a vendor.
3. Use the bank account to buy the used car you just created from the vendor.

I'll also leave this article on setting up sales tax in QuickBooks Desktop so you can easily monitor and remit them to the appropriate tax collecting agency: Set up sales tax in QuickBooks Desktop.

I'm confident this guide will help you to manage your dealership efficiently. If you have any questions or need further assistance, don't hesitate to reach out. Here's to a seamless setup!