How do you mark goods as received on purchase order?

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At which point should a discrepancy on be recorded, e.g. price change or Out of Stock item.  Should the Purchase Order be amended then Copy to Bill or Copy to Bill then amend the Bill?

regards

Hello Dalton, Do you use stock tracking can we just check?Thanks

Yes, I do.

Thanks for getting back to us and for sharing some clarifications, Daltons.

You'll want to create another stock item if there are changes in the price. You can only adjust the quantity of the stocks in QuickBooks Online (QBO) but not the value or amount.

You can choose to make a journal entry to change the amount of your Cost of Sales. However, I'd recommend working with your accountant for additional advice on this matter. This way, we can ensure the accuracy of your accounts after making these changes.

Furthermore, you can also utilize a third-party app that lets you adjust the price of your purchase order without affecting your old stocks. Simply hover to the Apps menu and look for an app from there.

You can also check out this article for the complete details about the process: Reorder stock or supplies from suppliers.

In case you need to refund your supplier, please follow the steps outlined in this resource: Record a customer refund or supplier refund in QuickBooks Online.

I'll be around if you need more help managing your stocks in QBO. Have a good one!

This doesn't quite answer my question.

If items on my purchase order still show old cost price, should I:

a: update the product price in 'Products & Services', or, (as you seem to suggest) create a duplicate product with new price???

b: edit the product price on the purchase order to match the supplier invoice

c: Copy to Bill and then edit the product price on the bill to match the supplier invoice.

Regards

Geoffrey E. Cann

Hello Daltons, thanks for posting on this thread, the stock tracking in QBO uses first in first out method, so if the old price is still showing on the item that would be correct since the old stock hasn’t run out yet. This article tells you more.

Hi again

The question relates to my supplier prices.  When a purchase price changes between orders I need to update so I can record the correct value for payments! Is this best done on the Purchase Order or on the Bill?

Hello there, @Daltons. I'm here to share information about changing the purchase price of an order in QuickBooks Online (QBO).

In QBO, once a purchase price changes between orders, updating the amount of the item in the Purchase Order (PO) is optional since it's a non-posting transaction. That said, you have to input the new price directly on the bill. 

Additionally, if you change the purchase price in the PO linked to a bill, the changes won't be applied to the bill.

For reference, check out this article: Add purchase orders to expenses, bills, or cheques in QuickBooks Online. 

Once everything is fine, your next step is to make a payment to the bills. 

If you have additional concerns managing your vendor transactions, please don't hesitate to leave a reply below. Have a good one and stay safe. 

Thank you DivinaMercy_N

Finally a direct answer to my question ;~}

Regards

Geoffrey E. Cann

Hi

Further query?

Hopefully I am correct in thinking that when I update stock item prices in the stock list this will not affect the historical, (1st in > 1st out), valuations?

regards

Geoffrey E. Cann

Hello Daltons,  It won't have any affect on the stock value of already purchased stock. All that price does is pre-populate the bills/expenses you create with that price. You can alter it when creating a bill if needed.