I'd like to help add some details, @EKH3.
Currently, adding a repair or expense to an inventory asset that would increase its value is not available in QuickBooks Online.
The Engineering Team is constantly working to improve the product and appreciates the help of users' suggestions. I can pass this along to let them know what works best for you.
In the meantime, you can visit our QuickBooks Online Blog to get the latest news and updates about QBO and what our Product Team is working on.
Let me know if you have other questions about the inventory features in QBO. I'll be around if you need help.
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.
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:
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:
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:
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.
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.
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:
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!