Work on Our Own Vehicles - Suggestion for Accounting?

Manager SE Settings, Defaults, Database
Locked
peacevans
Member
Posts: 3
Joined: Tue Oct 13, 2015 7:32 am

Work on Our Own Vehicles - Suggestion for Accounting?

Post by peacevans »

We do a lot of work on vehicles we own as R&D - new motors, modded suspension, etc. We keep accurate ROs, but need to start closing them out.
I think the process is to keep actual costs and discount it all down by 100%. But. I'd like this to show up in Quickbooks as a R&D expenses vs. income. Is there a way to do that or should it be done manually within QB on the backend?

Thanks
User avatar
Pauls Automotive
1000 Club: Interstellar
1000 Club: Interstellar
Posts: 1415
Joined: Wed May 24, 2006 6:32 am
Location: Baltimore Maryland
Contact:

Re: Work on Our Own Vehicles - Suggestion for Accounting?

Post by Pauls Automotive »

I could be wrong of just don't see the way to do it in mitchell but definitely it would have to be done in the back end in QB
Paul
Pauls Automotive
6318 Falls Road
Baltimore, Md 21209
410-825-2224
paul@paulsauto.com
TRUE HAPPINESS IS WITHIN YOU
sbcauto
100 Club: Active Contributor
100 Club: Active Contributor
Posts: 145
Joined: Thu Feb 04, 2010 9:08 am

Re: Work on Our Own Vehicles - Suggestion for Accounting?

Post by sbcauto »

I Make Invoice In Mitchell Just Like Any Other Customer. Post Invoice As Charge. Then List Each Invoice As A Supplier Invoice. Then Make A Cheque To Pay Suppler Invoices. Post Cheque As ROA To pay Invoices. It Is A Little Extra Time But It Works For Me. Hope That Helps.
motley06
300 Club: Superstar Contributor
300 Club: Superstar Contributor
Posts: 329
Joined: Fri Nov 08, 2013 11:24 am

Re: Work on Our Own Vehicles - Suggestion for Accounting?

Post by motley06 »

you can make a payment type that is mapped through TBO to an expense account. I do one for goodwill and another for warranty. I don't discount though so it doesn't mess up my margins in mitchell
Locked

Return to “Database + Settings”