Hi All,
I am struggling a bit to understand the best steps for me in receiving inventory.
We just started use QBO Plus and plan to use it for inventory tracking for products that we resell.
We buy all products electronically through online vendors without using POs as it seems very redundant, so i have not enabled it in QBO+.
In the past, We place the order, pay by credit card, the supplier provides sales order or invoice shortly afterward via email or in online account. We have no suppliers with credit terms, all is by business credit card.
Can anyone help with the workflow question marks here . . . I am a bit confused on the getting the items into inventory with the current cost . . .
1.) Place order with supplier
2.) Pay by credit card
3.) Goods received at my location
4.) Receive goods in QBO+ . . .
How do i do this . . through inventory adjustment? If so what should the entry look like, what account should be use?
5.) Record supplier invoice (already paid by credit card)
How do i do this, via journal entry? If so what should debit /credit sides of entry look like?
Note: all of our expenditures on credit card get charged to account we named "Credit Card Payable", and we clear the credit card balance of course monthly.
Any Help Appreciated... I have read many posts but they all seem to point to use purchase orders which seems like creating work after the fact . . . .
Ric
