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arkvalleyinfo
October 19, 2018
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How do I enter a bill from a vendor for an inventory item without increasing the inventory asset account value because I have received and entered the item prior to bill?

  • October 19, 2018
  • 2 replies
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Inventory purchased from vendor is received, entered and sold before the vendor invoice is received and entered as a bill.  Once inventory is received and quantity adjusted up, inventory asset account value increases by the cost designated.  The vendor's invoice is received and entered days later for the same product and increases inventory asset account value by same amount which doubles value.

Best answer by Rustler

@ bruce

desktop has an item receipt which allows you to receive the item and then the bill days later, for some reason when they programmed QBO they did not include that function - you can not receive an item and not affect the total inventory value (even using an item receipt - items purchased have a value)

So in QBO you have to make a decision, do not receive the items until the bill arrives,

or

enter a "best guess" bill to stock the items that came in, then when the bill does come in, edit the best guess version and pay it when ready.

2 replies

Rustler
RustlerAnswer
October 19, 2018

@ bruce

desktop has an item receipt which allows you to receive the item and then the bill days later, for some reason when they programmed QBO they did not include that function - you can not receive an item and not affect the total inventory value (even using an item receipt - items purchased have a value)

So in QBO you have to make a decision, do not receive the items until the bill arrives,

or

enter a "best guess" bill to stock the items that came in, then when the bill does come in, edit the best guess version and pay it when ready.

    qbteachmt
    qbteachmt
    October 19, 2018

    You should not have made an adjustment; you should have entered a bill to show you Know you Owe, even though their paperwork did not yet arrive.

    "The vendor's invoice is received and entered days later for the same product and increases inventory asset account value by same amount which doubles value."

    Yes, that is you, using two different methods to handle the same info.


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