Sale
Account used for parts sold on customer pay service transaction.
What is Account 5430 - Parts Sales - Repair Shop?
Parts cost account on service transaction for Smithy's Auto Repair Shop?
What is Account 6430 - Parts COS - Repair Shop?
Account used when customer pays cash for their service transaction.
What is Account 1010 - Cash Sales - Clearing?
Inventory account for tracking parts like oil filters, brake pads, or transmissions.
What is Account 1440 - Inventory - Parts?
Every sales transaction has these four components.
What are Sales, COS, MOP, and Inventory?
What is Account 5700 - Service Sales - Repair Shop (Labor Sales)?
Account used for labor cost for service transaction on a manufacturer warranty service transaction.
What is Account 6720 - Service COS - W&P Claims?
Account for transactions paid by manufacturer warranties.
What is Account 1140 - Ford Receivables - W&P Claims?
Inventory account to track labor hours paid to technicians.
What is Account 1440 - Inventory - Labor in Process (WIP)?
True or False:
On Service transactions, you track wholesale customers separate from retail customers.
FALSE
Account used for parts on manufacturer warranty pay service transaction.
What is Account 5460 - Parts Sales - W&P Claims - SVC?
Parts cost account on an internal service transaction.
What is Account 6470 - Parts COS - Internal?
Account used for third-party warranty pay service transactions.
What is Account 1185 - Ford Receivables - ESP?
Inventory account used to track oil or gas sold on a service transaction.
What is Account 1443 - Inventory - GOG?
A single repair may have multiple Sale, COS, and Inventory accounts.
TRUE
Account used for parts sold on extended service plan paid service transaction.
What is Account 5440 - Parts Sales - ESP Repair?
Account used for sublet cost on a service transaction.
What is Account 6750 - Service COS - Sublet Repair?
Account used when a vendor pays for service transaction with their charge account.
What is Account 1120 - Accounts Receivables - Parts & Service?
Inventory account used to track sublet on service transactions.
What is Account 1441 - Inventory - Sublet Repairs?
The five (5) categories of internal service transactions.
What are PDI (Pre-Delivery Inspection), installing accessories, reconditioning, demos/loaners/fleet, and correcting faulty service work?
What is Account 5780 - Service Sales - GOG?
COS account used to credit wholesale compensation on parts sold on a service transaction.
What is Account 6450 - Parts COS - Shop Job Incentive?
Account used to pay for reconditioning repairs on a used car.
What is Account 1350 - Inventory - Used Cars?
True or False:
The cost amount matches the inventory amount.
TRUE
Sales tax should be charge on these type of sale amounts.
What is this depends on the state? If tax is charged, commonly on parts only, but certain states charge tax on labor as well.