Skip to main content
A
aimeelucy
November 1, 2018
Solved

How do I enter a bill from a vendor for an inventory item before I receive the items?

  • November 1, 2018
  • 3 replies
  • 0 views

We purchase items from an overseas vendor.  Once the items are on the ship heading our way, the vendor sends an invoice, and we pay 25% as a deposit on the goods.  However, we have yet to receive the goods.  

 

They are showing up in my inventory valuation and in my inventory on hand, but they are not fully ours, nor have they been physically received.

 

Any way to get around this so my inventory count and valuation will be accurate?

    Best answer by Rustler

    in QBO if you enter a bill ,that stocks the item,  QBO does not have the same feature set as desktop, which allows for that.

     

    Pay the deposit and use accounts payable as the expense (reason) for the payment, that sets a vendor credit which you can apply when the items get in and you enter the bill.

    3 replies

    Rustler
    RustlerAnswer
    November 1, 2018

    in QBO if you enter a bill ,that stocks the item,  QBO does not have the same feature set as desktop, which allows for that.

     

    Pay the deposit and use accounts payable as the expense (reason) for the payment, that sets a vendor credit which you can apply when the items get in and you enter the bill.

      A
      aimeelucyAuthor
      November 1, 2018

      Thank you!  I'll give that a go.

      A
      AMG02
      April 9, 2021

      We also purchase goods from overseas.  We get the invoice 1-2 weeks before product arrives in our warehouse.  Is there a way to enter the bill once we receive it, then enter inventory against that once the product arrives.  We want to keep track of open invoices, but we won't pay the bill until all product has been received at the warehouse.

       

      Thanks - AMG

        T
        TFH3
        February 28, 2023

        If I am using QB desktop, have created a PO for a service or goods and received an invoice before the service is provided or good delivered, how do you record the invoice against the PO before items or service are delivered?

        Candice C
        Candice C
        February 28, 2023

        Good morning, @TFH3. 

         

        It's great to see a new face here in the Community. Thanks for chiming in on this thread. 

         

        I recommend consulting with your accountant to be sure of which route to go. They'll be able to give you the best advice based on how you run your business. 

         

        Keep us updated on how the conversation goes with your accountant. I'm only a post away if you need me again. Have a great day! 

        G
        George Terry
        May 31, 2023

        Curious to know how you believe an accountant would be able to give the best advise on this.  This strictly a software deficiency issue, nothing for an accountant to give advice on.

        Terms & ConditionsAccessibility statement