Accounting For Trade-Ins With QuickBooks – The 2012 Edition

If you want the QuickBooks File from this screen cast so you can see exactly how this was done you can download it in my Knowledge Store for $4.97.

This is a Portable Company File which can be opened in QuickBooks Pro or Premier 2012 for PC. This is also a great way to help me out for all of the time I put into these free screen casts! Thanks!!

Let’s say that you sell inventory and that as part of that process you might accept old inventory as a Trade-In. How to account for this in QuickBooks? The real question is, how to I do the following:

  • Give the customer credit for having paid value in the form of a Trade-In
  • Get that traded in item into inventory with a quantity and cost when I haven’t and never will receive a bill for it?

This week’s screen cast will answer these questions and probably a few others so please watch and then post your comments and questions below.

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About Nerd

I started Nerd Enterprises, Inc. in 2003 and continue to work with individuals and companies to cure their financial headaches. Writing, Blogging, Social Media and generally building communities around these areas as well as technology has become another passion of mine.