How to Set Up QuickBooks for a Used Car Dealership

Setting up QuickBooks to sync with your company function is an important step. Many times, people focus on their Chart of Accounts, however, the item list is the major part of proper accounting. A well thought out chart of accounts is useless if your item list is woefully lacking the same amount of thoughtfulness.

I am using for example how to set up an item list for a used car dealership.

1. Work with your accountant to set up a chart of accounts, or you can select Automotive Sales or Repairs as the industry when setting up a new company file.

2. Open your item list and create an inventory item for the cars you are selling.

4. Use the last four digits of the VIN.

5. Create a non-inventory or other charge item for your cost. Make sure these are mapped to the COGS accounts you’ve set up.

6. Create a Customer:Job. You can name it by car or make a general customer named _Auto Sales. Each car you buy would go under the customer as a job. You would use the name or VIN as the job name.

7. When you purchase a vehicle, use a PO. Enter the vendor then enter inventory item (make sure the VIN you created matches the car you are buying). Enter purchase price. Save and close. Then Receive the item into inventory.

   1. You can do the same process using the write a check feature in QuickBooks or entering a credit card charge. Make sure you place the VIN on the item tab.
8. When you sell a car. Go to the job under the customer you created and create the invoice. Make sure you use the same item!
9. Add your fees to the invoice. (DMV, Environmental Fees, etc…)
10. Your Finished!

New 1-4 User Licenses for QuickBooks Enterprise

Business finances have always been the bane for small business owners. The very idea of having to understand complex tax law, obscure accounting rules, and remembering which expense account your latte goes too. Technology will continue to jog, maybe sprint, to more efficient and cost effective solution. While this is a good thing, the bad news is that one person is now able to do the job of two individuals. For a small business owner, you tend to do the job of an entire department. Using the right technology is key to keeping your business strong, agile, and current. Those who ignore the power of technology are playing a risky game in which the price of failure is, failure.

When it comes to accounting software, you need more than just something to handle debits and credits. Intuit’s QuickBooks Enterprise gives you that power to handle not only inventory, but track leads, customers, collections, send emails, and gives you the insight to see how you company is doing. QuickBooks Enterprise is easy to setup and use, unlike other programs that seem to require a PhD in accounting to setup and use.

Originally, QuickBooks Enterprise was out of the reach for some small business owners. QuickBooks Enterprise came with a standard 5 user license at a cost of $3000. Some companies are still agile enough that one person is able to handle the accounting aspect for the entire company but $3,000 is a lot of money to shell out in a month.

Intuit understands that QuickBooks Enterprise will benefit small companies as well as mid-market firms.

They responded by creating 1,2,3, and 4 user license options for their flagship QuickBooks Enterprise Financial Software. Now companies can buy 1 user license for QuickBooks Enterprise! This allows the business owner to use the full features of QuickBooks Enterprise while saving over $2,000 off the old licensing costs.

For companies that have a need for more than one but less than five users, there are specific licenses for you also. You can buy QuickBooks Enterprise at the best possible price from QB Ninjas here. QB Ninjas is one of fewer than 150 Intuit Solution Providers and Premier Resellers in the United States. We also hold Intuit ProAdvisor, QuickBooks Enterprise and QuickBooks Point of Sale Certifications.

Visit us online at www.qbninjas.com

If you have any questions, or would like more information, please call us at 321-600-4941. Our QuickBooks professionals will gladly assist you!

How to Use QuickBooks for Real Estate Management

Accurate record keeping helps you to see how well your company is doing, but also is a way to bring in more investors or get loans from banks. How do you track real estate in QuickBooks? Specifically, how do you track properties that are being leased out to tenants?

Using classes to track expenses and income for properties is a great way to manage your business. Here is how you could setup your classes.

Tracking invoices, bills, even line items using classes will help generate specific reports that can help an investor. Classes allow a user to see P/L (Premier can show balance sheet for classes) for each class, this can be invaluable for the investor who would like to see which property is profitable and which isn’t. This is a great way to track property if you are a property manager or you manage property for others. Follow this template to see how to setup your class list:

Name of Owner of Property:

Address of Property:

Unit 1 (2nd floor etc…)

Unit 2

OR

Address of Property:

Unit 1

Unit 2

Setting up your customer list also allows you to pull additional reports and helps during tax time. If you rent properties out, you can structure your customer list like this:

Name Of Tenant:

Address of Property

OR

Name of Owner:

Address Of Property:

Name of Tenant and Unit/Floor #

Vacant and Unit/Floor #

Address of Property:

Name of Tenant

Vacant (this tracks what is spent to maintain house when vacant)

It all depends on your personal preference. Please consult with your accountant to determine what tax information you need to record and track. Using Jobs and Classes are sure fire ways to improve accounting and managing of your company’s finances.