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Skyline2
April 5, 2022
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Recording inventory for used parts

  • April 5, 2022
  • 1 reply
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So we've got a small business buying accident salvage vehicles, taking off undamaged parts and reselling those parts online. My question is how to record purchases, inventory and sales for those since one purchased item is broken down into multiple products? Moreover, if certain parts doesn't sell within a certain amount of time, it will be scrapped with the rest of the vehicle (either because we don't have space for it or it's not worth the labor of taking it off the vehicle if we don't have a buyer) so when purchasing a vehicle we don't know yet how many parts will be sold eventually. We have QuickBooks Desktop Pro 2020

Best answer by Rustler

 I would not use QB inventory for this

 

I would create a COGS type account called COS, Cost of Sales and use that for all purchases.  Then sell what you can and use a non inventory or service type item for the sale.  Same thing when selling for scrap

1 reply

Rustler
RustlerAnswer
April 7, 2022

 I would not use QB inventory for this

 

I would create a COGS type account called COS, Cost of Sales and use that for all purchases.  Then sell what you can and use a non inventory or service type item for the sale.  Same thing when selling for scrap

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