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OfficeConsult83
Level 1

How to record Inventory Theft not yet received in our warehouse (Stolen from Carrier yard)

Context - we are a Canadian company that orders stock from Texas - our Vendor shipped with the dedicated carrier (we receive bi-monthly) - the Carrier held the trailer of goods in their yard overnight to which it was stolen. The goods have not crossed soil to us. The liability falls on the carrier, not the Vendor so we still owe our supplier for these items.

Vendor has since invoiced us and we're expected to pay, but we are not able to receive the goods against the multiple Purchase Orders we have open for this shipment. It's our first scenario.. What's the best way to account for this in QB Enterprise Desktop without receiving the inventory? We would need to close these Open PO's to link to the invoice but we physically never received the inventory to write-off... Please help!

5 Comments 5
JamesM4
QuickBooks Team

How to record Inventory Theft not yet received in our warehouse (Stolen from Carrier yard)

Hi there,

 

Welcome to the Community. I'll be glad to share more info so you're on the right track with recording your transactions. 

 

Recording your transactions the right way is essential for ensuring your books remain accurate. I recommend consulting an accounting specialist for expert advice. This ensures your entries are recorded in a way that allows for you to navigate the program with peace of mind. You can get in touch with an accounting professional using this link here. Other accounting professionals are able to see this post in the Community and this will allow them to chime in.

 

In the meantime, feel free to check out the following resource:

 

Let me know if this info helps. I'll be a message away.

OfficeConsult83
Level 1

How to record Inventory Theft not yet received in our warehouse (Stolen from Carrier yard)

This is not very helpful - Also we are using QB Desktop, Enterprise Manufacturing & Wholesale edition

JamesM4
QuickBooks Team

How to record Inventory Theft not yet received in our warehouse (Stolen from Carrier yard)

My mistake. To make sure we're both on the same page, are you looking to use journal entries on the Enterprise Manufacturing & Wholesale Edition? 

OfficeConsult83
Level 1

How to record Inventory Theft not yet received in our warehouse (Stolen from Carrier yard)

No problem JamesM4

I'm not quite sure how to account for this loss - since we haven't physically received the product on our dock before it was stolen, yet we are responsible to pay for it. What's the best way to enter this? Do we receive it and then make adjustment entries to the COGS / Stolen items separately (over 270 different items on multiple Purchase Orders) or do we make a JE and enter the vendor Bill without receiving goods? 

Technically the goods don't belong to anyone but it's FOB Texas so we still have to pay for it until the carrier's insurance reimburses us for the value. Still no inventory on hand to record 

JamesM4
QuickBooks Team

How to record Inventory Theft not yet received in our warehouse (Stolen from Carrier yard)

I see, I suggest reaching out to an accounting professional for expert advice on how to handle the transactions. This ensures your books remain accurate as you confidently record your transactions. I'll be happy assist with navigating the program. Feel free to ask other questions. 

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