Specific points to be aware of on Internal vs Internal Sold Transactions.
Be advised of the specifics below;
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- Internals go onto the unit and the balance sheet, once the unit is sold, it will expense itself out in the COGS Account.
- Internal sold will immediately bypass the Balance Sheet, and be expensed in the COGS Account and can be seen on Profit & Loss.
- Do not place any itemized charges on the unit after sale is complete.
- Internal payments transition to QuickBooks as an Asset. It goes over as an Asset first, and shows on the balance sheet until it's sold. When the unit sells, it will pull it from the Asset and Cost it out.
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IMPORTANT: It is best practice NOT to open a new Repair Order on a newly sold unit until the deal is washed & posted.