sale of Other Current Asset and record it

Thank you for using QuickBooks as your accounting provider, arash_id. I'd be happy to assist you through the process of recording your sale. 

In QuickBooks Desktop (QBDT), you can generate a sales receipt to record full payment at the time of sale. Then, use an invoice to complete a customer's order and to collect payment for the goods or services rendered. 

Let me show you the steps on how to issue an invoice. 

1. In your company, head to the Customers menu at the top and choose Create Invoices.
2. Click the Customer:Job drop-down and select your client's name from the list. 
3. Fill in the remaining fields. 
4. In the Item column, enter the product's name (car).
5. Type the value of the car in the Amount column. 
6. In the Tax column, select Taxable Sales or Non-Taxable sales. 
7. Press the Save & Close button.

This article discusses in detail how to record the sales entry and convert an estimate to an invoice: Create an invoice.

After creating the sales entry, you can follow the steps in this article to receive and process customer payments for invoices and in-person sales: Take and process payments.

Also, QBDT helps automate your sales tax tracking so you can keep accurate records about the sales taxes you collect and pay. Depending on where you do business, you may be required to collect sales tax for the products or services you sell. 

If you collect sales tax, you must pay it to a tax agency on a regular schedule. I've included some links below that will guide you on how to configure the sales tax function and handle the following activities: 

• Set up sales tax in QuickBooks Desktop
• Collect sales tax
• Pay sales tax

We also recommend consulting your accountant for advice on how to handle the matter. This is to ensure the accuracy of your books.

Also, these resources contain a list of topics to help you get started in using QBDT and handle any accounting tasks:

• Get started with QuickBooks Desktop
• Self-help guide

If you need further assistance navigating to the product or have other sales or sales taxes concerns, leave a comment below and include my name. I'll get to respond to them.

thanks for prompt response,

first I should say that:  Each Car has its own account in my chart of account, the type of account for cars is " Other current Asset".

I took the steps you mentioned, in the ITEM CODE column there is no item, it is asking me <Add New > or

< find & select items>  , I don't know how to add those cars to ITEMS???

I appreciate your assistance

I appreciate for following the steps I provided, and letting us know the result, arash_id. This information will guide us on how to resolve your concern. 

Let's set up each car one at a time and enter the correct account (Other current Asset). I'm here to help ensure you can add each item to QuickBooks Desktop (QBDT).

1. Go to the Lists menu at the top bar and choose Item List.
2. Head to the bottom part of the screen and click the Item drop-down to choose New.
3. Choose the type of item you want to create.
4. Fill in the item fields.
5. Use Custom Fields to add your own customized fields.
6. Click Save.

Feel free to browse this article for complete details on how to set up various item types in QuickBooks Desktop (QBDT): Add, edit, and delete items. From there, you'll learn when to use each type, as well as how to change and delete it from your company file. 

You may bookmark the manage inventory link in your browser for future use. It covers topics such as how to alter the quantity on hand for your items and handle negative inventory issues, to mention a few.

Fill me in if you have other inventory concerns or need further assistance while working in QuickBooks. I'd be delighted to answer them for you. Enjoy your day. 

thank you so much for your reply

I could mange to do the steps

question: how to make QB to deposit the fund in the bank account?

question 2: the difference between the sale price and the original price is kind of profit, how des it affect the P/L report?

Hello there, arash_id.

When you receive a payment in QuickBooks Desktop (QBDT), you'll have to select the account listed from the Deposit To drop-down. This process goes the same way when creating a sales receipt. 

If you've set the Undeposited Funds account as the default deposit to account for your transactions, you still have to make a deposit. Then, select the appropriate bank account.

Here's how:

1. Go to the Banking menu at the top bar and choose Make Deposits.
2. In the Make Deposits window, select the account you want to put the deposit into from the Deposit to dropdown.
3. Check the deposit total and make sure the account and selected payments match the deposit slip from your bank. 
4. Enter the date you made the deposit at your bank.
5. Click Save & Close.

You can go over these resources to learn more about how the desktop program handles these processes:

• Deposit payments into the Undeposited Funds account in QuickBooks Desktop
• Record and make bank deposits in QuickBooks Desktop

For your other concern, the original price is the cost price of a product or a service. It's intended to be the manufacturer's suggested retail price. While the sale price is the discounted rate at which goods or services are sold. The COGS account set in the Cost section and the category chosen for the income account in the Sales price section both have an impact on the Profit and Loss report.

The desktop program can help you create accurate business reports and organize your data. To gain access to the various reports, you can browse the following link: Financial reports. 

For tools to aid you in completing your accounting tasks on time and resources to grow your business, feel free to visit the Community page. From there, select the articles that best address your concern. 

Drop a comment below and tag my name if you have additional questions about reports and other product-related concerns. I'll jump right back in to answer them. 

hi

i really appreciate your assistance 

you mentioned " Choose the type of item you want to create"  

in the list there are several items

service

non-inventory

subtotal

group

discount

payment

sales tax items

sale tax group

which one do i have to peak?

sorry i just started using QBDT and have no accounting back ground.

Let me shed some light on tracking items, arash_id.

There are various item types available in QuickBooks Desktop (QBDT) for tracking your items. When you buy or sell products that you sell and track amounts, select Inventory Part or Non-Inventory Part for items that you buy or sell the items (don't track quantities). 

I've included a screenshot for visual reference of the different types.

I recommend speaking with an accountant first for advice on the specific accounts to utilize for the items, including the item category. They can explain in detail how each one affects your records. 

When you have all the information, you can set up your cars in QBDT. Refer to the instructions I provided above for details on how to add the items. 

I know that I've already shared this article, but let me add this one again to learn more about how to handle charges, discounts, and sales tax as well as items that your company buys, sells, or resells: Add, edit, and delete items.

You can also run reports to get a clearer view of your inventory, products, and services. Click on the following link to gain access to the articles: Manage inventory.

Drop a comment below if you have other QuickBooks concerns or additional questions about tracking items. I'll jump right back in to assist you further.