QB Issue Resolution:

If your tools are going to be depreciated, then you list them as fixed assets in the chart of accounts, this is normal for high dollar shop equipment.  But a $100 skill saw I would book as an expense.

Resolution for Issue 'Are tools I purchase for use in my shop considered inventory? I have an auto restoration shop, and purchase tools for use from a local vendor. I want to keep track of these tools for loss and depreciation purposes. How do I enter them when entering a bill from the vendor?' available: Yes (Solved).
Source: Intuit Community forum.

Are tools I purchase for use in my shop considered inventory? I have an auto restoration shop, and purchase tools for use from a local vendor. I want to keep track of these tools for loss and depreciation purposes. How do I enter them when entering a bill from the vendor?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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