QB Issue Resolution:
“One month vendor “A” has fitting “A” from manufacturer “A”and the next month it could come from manufacturer “B” at a different price and vendor “B” is the same way. That is just for one item.”
That doesn’t affect you, though. You are buying the same thing, even if from different suppliers. You don’t manage your inventory by their perspective; you manage it by yours. Of course we shop for the best price from the best supplier, for every purchase.
“However, my vendors apply a discount when paid on time. Can I track this monthly discount without an inventory?”
That is a Purchase and Cash flow issue, not an inventory issue. You are asking about Vendor Payment terms, not the “what I bought” but the “when and how I pay for it” which is Terms.
“I usually have anywhere between $1000 and $5000 of material on hand at any one time.”
Then I would expect your CPA will tell you that at least at year end, you cannot report it all as expense but need to show the value of what still is on hand, and that is Periodic Inventory (generic value in bulk) at a minimum. But, if you do $2m of work each year, perhaps $1k-$5k is “not material” for you per the IRS guidelines.
“I know that my truck and shop are locations not accounts, but if I set up accounts for them would it help in tracking items that come from those locations.”
The function to read on is Class Tracking. Do not try to force Accounts to work for all sorts of things to which Accounts does not apply. The best reference for Accounts is the tax form your entity files. Don’t get carried away here. Look at the attachment where I included that many Noniventory Items would all link to one Materials Expense account; a bunch of various Subcontractor Service Items all link to one Subcontractor Expense account, for tracking.
Items are operational activities; accounts are Accounting and financial reporting. We don’t need to confuse the CPA with our operational details. The IRS doesn’t ask how many Cover Plates you sold.
“I need to look into class tracking. Lets say I get to the job site with a truck full of material that is job tracked and billable, but I forgot to order a couple of fittings for this specific job? I have these fittings on hand in the truck and I will use them to finish the job. How do I track these items? Is this where Class tracking would come in and help me manage this “location?”
Let me pause here to explain this is a text-based forum. You can see how cumbersome this is becoming. Not everything is explained by text, other than typing out for Hours.
You never even selected which specific Year and Edition of QB you are using. One of the trick for Trucks is to use Sales Orders. Pro does not have SO.
“It definitely sounds like I need to do some two sided tracking for my general supplies (wire nuts, screws, tape…)”
Yes, that would be correct.
“Ultimately, at the end of the year I need to know what I have in the: shop, truck and job tracked billable material that I haven’t used yet.”
Uh, there really is no such thing as Job Tracked Billable Material that you haven’t used. It is only Billable because you Used it somewhere specifically. You have products for Resale or that are charged, but they are not Billable, yet. And you might end up using them on a Bid Job, so they might be direct costs but not Billable. And as long as you buy using the Item names, then you can Charge that to the customers where you use them and run reports. Let’s look at it like this:
Directly Billable means you ordered it or purchased it for a specific job and Job Tracked that purchase and are billing it back.
Charged or Billed means it wasn’t bought as Billable to anyone specifically, but has been sold as used to those projects where you used the materials. This is similar to Your Time.
Indirect is stuff you just buy and use.
“I think I am tracking the billable material well, it’s the shop and truck that seem to be the biggest issue.”
Shop and Truck do not create Costs for material. Those are Where your material is located, not how it is used.
Resolution for Issue 'Do I need to set up my items as inventory for my electrical business? Can I track non-inventory items that I don’t use right away? Items I keep in my service truck?' available: Yes (Solved).
Source: Intuit Community forum.
Do I need to set up my items as inventory for my electrical business? Can I track non-inventory items that I don’t use right away? Items I keep in my service truck?: 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.Support for Customer
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