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Level 2

Regarding accounting in restoration and resell business.

Hello,

I am starting a small side business where I buy vintage tobacco pipes, refinish them, and sell them as kits with other items (pipe bag, pipe cleaners, pipe tool).

I purchase:
-supplies to refinish the pipes

-the pipes themselves

-items to be resold with the finished pipes as a kit


Where/how would I record these? I would like to record it so that I know my total cost per pipe kit.

Thanks,
Will

3 Comments
QuickBooks Team

Regarding accounting in restoration and resell business.

By following these instructions, you’ll be able to know the total cost of each kit, @Will1901.


You can track everything you sell and buy by using our Inventory tracking features in QuickBooks Online. 


You’ll have to make sure the feature is turned on so we can start managing our items. Here’s how:

 

  1. Go to the Gear icon and select Account and Settings.
  2. Select the Sales tab.
  3. Click the Pencil icon in the Products and Services section.
  4. Turn on Show Product/Service column on sales forms.
  5. You can also turn on price rules if you want to set up flexible pricing for the things you sell.
  6. Turn on both Track quantity and price/rate and Track inventory quantity on hand.
  7. Press the Save button, then hit Done.
    Capture.PNG


Once done, you’ll want to enter all items you’ve purchased as inventory in the program to track the quantities, cost and performance. Please follow the steps below:

 

  1. From the Sales menu, choose Products and Services.
  2. Press the New button.
  3. Choose Inventory.
  4. Enter the needed information, including the sales rate and the cost.
  5. Hit Save and close.

After adding them, we can now use the Bundle function. Bundles allow you to group multiple products or services together. So it saves you from having to select them one by one when you’re going to issue invoices or receipts to your customers.

 

  1. Go back to the Products and Services page.
  2. Click New and then select Bundle.
  3. You can enter the Pipe kit in the name field.
  4. Add the items present on the kit per line.
  5. Select Save and close.


See this sample on this screenshot:
Capture.PNG


For more information about the processes, check out these resources:

 


You can also use the reports to ensure accurate recordkeeping. This can help you gain visibility across your entire supply chain. With an inventory management solution in place, your business gets a clear presentation of your sales.


Feel free to reach out to me if you have additional questions or concerns with organizing these items. I'll be right here to help. Have a good one.

Level 2

Regarding accounting in restoration and resell business.

When I select 'new' under 'products and services' it only gives me the option for 'non-inventory' and 'services'.

QuickBooks Team

Regarding accounting in restoration and resell business.

Hi Will,

 

The option to add inventory items is only available in the QuickBooks Online Plus and Advanced versions. If you're on the Essentials or Simple Start plan, you can upgrade it to Plus.

  1. Click on the Gear icon.
  2. Choose Accounts and Settings.
  3. Select Billing and Subscription.
  4. Click the Upgrade your plan option on the product section.

You'll be prompted with the comparison and you can decide if you want to pursue it or not. Feel free to check out the comparison, it won't automatically bill and change your plan unless you enter and submit your payment detail for the new plan.

 

Here are articles for inventory for your reference in the future:

Let me know if you have other questions in mind.

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