I have a tractor repair business, I am set up for resale with my state, and i don't keep any parts in inventory. I currently have a tractor in my shop that needs a radiator. When i purchase the radiator i need to mark up the price when i re-sell it. This is where i need advise. When i purchase the radiator ill add it as a non inventory part and when im done with this tractor ill add the radiator (non-inventory part) to the invoice. Do i set the expense account for purchasing this radiator to COGS?
Another question is i just upgraded to qbo plus from simple start and thinking i don't really need it. Although Under bills and expenses option i have (Show Items table on expense and purchase forms) checked. Will i lose that option if i go back to simple start? I seems like a good option so i can always look at a non inventory item on an invoice and trace back to where i bought it from easily. Example: I would like to link the expense for the radiator to the non-inventory part number for the radiator. If there is a better system to buy and resell parts please advise me. I typically buy a part and resell it the same day. Thanks in advance!
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