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SSGINC
January 19, 2024
Question

Invoicing ourself to keep track of our own expenses

  • January 19, 2024
  • 1 reply
  • 0 views

We are a service company and we also sell equipment, the problem that we are having is trying to keep track of our own equipment repairs.

We open a sales order in Quickbooks using our own company as a **so called customer** so that we can enter our labor time and inventory parts, this way we can keep track of expenses and also keep inventory upto date.

When we transfer the sales order to a invoice we need a way to map everything to the proper GL accounts

does anyone have any ideas to make this easier?

1 reply

K
Kevin_C
January 19, 2024

Good day to you, @SSGINC. I'd be glad to share some insights about tracking your inventory expenses in QuickBooks Desktop (QBDT).

 

To properly track your inventory in QBDT, I suggest creating an offset account for your inventory (you can refer to your accountant for the specific account to use). Then, let's use that offset account in the Income Account section of your inventory item.

 

After that, we can add the created offset item as a line item in your invoice, and please make sure to add it with a negative quantity.

 

Nonetheless, it would be best to reach out to your accountant for the best approach or other ways to handle these entries properly. If you're not affiliated with one, you can use our Find an Accountant tool to look for a Pro-Advisor near your area. They can also guide from technical and accounting perspectives.

 

Feel free to reply anytime with additional questions or clarifications about tracking your own expenses and other transactions in QBDT. I'm more than happy to lend a helping hand. Have a great day!

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