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Thanks for joining this thread, @Wysie. Let me chime in provide some insights.
When you purchase, make sure to select the inventory item instead of the inventory account. This way, the inventory quantity will not increase by one and updates the Vehicle Stock Inventory (Asset Account).
Then, utilize class tracking in the inventory items setup so it uses the class on any transaction.
Additionally, I'm adding these articles to help manage your inventory in QuickBooks:
Feel at ease to comment if you have further concerns with managing your inventory in QuickBooks. I'm always here to help. Keep safe!
Hi,
Sorry to sound a little basic here.
I believe the item quantity should update by 1. And then when I add an incoming payment in my bank for the vehicle, the transaction should be pointed to it and reduce quantity by one. And this should all function in my reports also.
I am a used car dealer and am finding it very hard to accomplish! Anybody available today for a call? I’ll happily pay.
thanks,
I appreciate your prompt reply, @Wysie.
I'm here to walk you through the steps of obtaining immediate assistance from our phone support in QuickBooks Online.
Yes, you are correct. All details must be managed to keep up to date to know what comes in and out. This also aids us in locating our available resources daily.
Here’s how to get in touch with our representatives:
Furthermore, the class tracking feature will also help us track our revenues and expenses. Check out this article for specific ideas on how to organize your reporting needs using this tool: Get started with class tracking in QuickBooks Online.
Alternatively, cash flows provide an overview of your company. There are dozens of reports that provide information about various elements of your company. Some concentrate on sales, others on your spending. Want to run a report? See this page for your guide: Run reports in QuickBooks Online.
If you want support on how to run your financial reports, let us know in this thread. I'm always willing to share relevant topics.
What type of information goes in to "class?" Is this the stock number? Vehicle type? Trying to think through how this will get used in the end (e.g. from a reporting perspective) Thanks!
What type of information goes in "Class?" Is this like a stock number/asset ID? Trying to think through how this will be used/needed form a reporting perspective. Thanks!
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