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shannon_buchanan
Level 1

We own a boat rental and I have a question on how to categorize our rental equipment such as tubes, mats, skis, etc.

We for example buy a tube, rent it, and either have to replace it down the road or if a renter damages it they replace it.
2 Comments 2
Rustler
Level 15

We own a boat rental and I have a question on how to categorize our rental equipment such as tubes, mats, skis, etc.

QB does not do rentals.

Those items are all inventory items

but you need to use a service item for the rental, other wise the cost of the items will post to COGS every time you rent it.  Of course you could use inventory to rent it, then use a credit memo to record the item coming back to stock.

Its your choice

john-pero
Community Champion

We own a boat rental and I have a question on how to categorize our rental equipment such as tubes, mats, skis, etc.

Whether you rent out, buy for resale,, or use internally makes no difference. It is all fixed assets of an inventory nature. Crrtainly on a periodic basis you count the numbers. You may even have assigned numbers to each rental piece. Each category of product rented has an expected lifespan, determined by the IRS, over which time you expense your purchase through depreciation. Regular repeatable turnover may qualify for safe harbor de minimis up front deduction.

 

 

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