Skip to main content
L
Latium
June 19, 2024
Question

Inventory

  • June 19, 2024
  • 2 replies
  • 0 views

hello

Can I know if anyone is has a business profile  purchasing inventory, renting it out- and later tracking it as rental assets

 

2 replies

I
IrishNinoJ
June 19, 2024

Thank you for posting here in the Community forum, Latium. We're here to help you out.

 

While waiting for others to share their responses, I'd like to ask for more information. This way, we can address it accordingly.

 

If you're looking for a third-party app, I can show you how to find one. Here's how:

 

  1. Go to Apps on the left Menu.
  2. Click Find Apps
  3. Enter your preferred application.

 

In addition, you can check out this article to learn how to track your inventory: Set up and track your inventory in QuickBooks Online.

 

If you have any further questions regarding Inventory or any QuickBooks-related concerns, feel free to leave a reply. We're here to assist you 24/7. Have a great day.

L
LatiumAuthor
June 20, 2024

Thanks

But how do you track when there is a Return of the asset once the rental period is over.

 

Rainflurry
Rainflurry
June 20, 2024

@Latium 

 

Equipment purchased for rental is not inventory, it is a fixed asset and should be recorded as such when you purchase it.  It is expensed through depreciation and all rental fees are considered income.  

4
4Gal
June 20, 2024

@Latium 

Consider having a rental management app to integrate with QBO.

L
LatiumAuthor
June 20, 2024

Thank you ,

I was considering it- and am looking up Flex, Cin 7 . But curious too know what other QB online users are using and happy with it as well... basically  a reference 

Terms & ConditionsAccessibility statement