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
Work on Our Own Vehicles - Suggestion for Accounting?
- Pauls Automotive
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Re: Work on Our Own Vehicles - Suggestion for Accounting?
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
Pauls Automotive
6318 Falls Road
Baltimore, Md 21209
410-825-2224
paul@paulsauto.com
TRUE HAPPINESS IS WITHIN YOU
Re: Work on Our Own Vehicles - Suggestion for Accounting?
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.
Re: Work on Our Own Vehicles - Suggestion for Accounting?
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