Need help setting up inventory items for an equipment rental business. When I rent out an item, after it's used, it's returned to inventory for the next rental. Is there any way to keep track of what's in stock and what's out on rental? Thanks. I

QB is really not designed for this as it's a very simplified inventory system. Uses average cost and used to tracked the buying and selling of finished goods. Buying inventory in and selling takes out.
Try this and it may work.
When you rent out the item create a invoice using the item tracked to the appropriate income account. Then when it's returned, do a inventory adjustment adding the qty back in(new qty) and use a asset account as the adjustment account.
Also check with the account on proper account usage in doing this.
Good Luck!!