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ptautai
June 10, 2021
Question

How to set up used car dealer accounts to show expenses vs profits?

  • June 10, 2021
  • 1 reply
  • 0 views

Information about inventory, COGS, etc is just too overwhelming.  Trying to contact support over the phone is another struggle.  I use QB desktop for my rental business and works fine.  I am trying to set up my books for a used car sale business.  I have an idea of what inventory, COGS etc are.  However, ensuring that COGS is tracked and updated properly as well as billing customer accordingly is quite confusing.  In other words, how can I track all the expenses we pay for and how do I bill the customer so that at the end, I can see how much I paid and how much of a profit I make when I sell one car (example)?  Some suggested to enable Class and some suggested to enable expense time and costs.  Any help would be appreciated.

1 reply

A
AshadH
June 10, 2021

Good evening ptautai,

I am sorry you are experiencing issues with our customer service and I would like to thank you for your patience. 

You can try these steps to troubleshoot your issues. However, if you are still experiencing issues please feel free to reach out back to this post. 

Let’s make sure that your settings to Make expenses and items billable and Track expenses and items by customer are turned on.

  1. Click the Gear icon at the top.
  2. Select Accounts and Settings
  3. Click Expenses from the left menu.
  4. Select the pencil icon in the Bills and expenses section.
  5. Turn on Track expenses and items by customer and Make expenses and items billable.

Hope this helps or at least provides a clearer understanding at least. Thank you for choosing QuickBooks and have a wonderful evening.

 

 

 

 

    P
    ptautaiAuthor
    June 10, 2021

    Thank you so much.  After several reps., I spoke to, the last one told me an agent that can help with my specific problem will call.  The call comes through and before the agent came on the phone, call got disconnected.  Sadly, no trying to call me back.

     

    So by doing below, what does this do for me?  Does it help me track expenses that are later billed for a profit to a customer?  Below are some of the things I want to be cleared.

     

    1.  Buying a car for resale - Where or which accounts do I need to create or add?  This will capture the base purchase price

    2.  Non-inventory or Other charges - These will include shipping, insurance, customs clearance etc.  Do I set these up in COGS?  Should I enable CLASS or what components I need to populate?

    3.  After a car purchase and all the expenses we paid, now we want to resell.  How do I know that when I send a bill to my customer, the proper accounts are being properly affected?  How can I see how much I spent and what my profit is at the end?

     

    Thank you for your kind assistance.

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