Closing Out Purchase Orders Without Bank Account

ICREHAB · ‎February 03, 2021

We use QB to run part of our business. We are a sister company of a much bigger company. Accounting and bill paying is done from a different location that I do not have access to. I have a few questions with that.

1. Is it possible to somehow close out our purchase orders once I know they've been paid?

2. Will this interefer with any of my sales reports or numbers if I were to create a "Fake" Bank Account?

3. Is there another way to do this?

Any help would be greatly appreciated!!

JenoP · ‎February 03, 2021

I'd be glad to answer your questions about managing Purchase Order in QuickBooks Desktop, ICREHAB.

Yes, you can manually close the Purchase Order once you have the confirmation the it's already paid. Here's how:

Open the Purchase Order.
Look for the Mark As Closed button in the upper-part of the transaction and click on it.
Click Save and close.

With regards to your second question, using a dummy ban account will not affect your sales reports. Although, it will impact the amount of the account where the income is deposited.

Lastly, I would recommend reaching out to your accountant for further advice on how to best record transactions in cases like this.

Let me also share this article about POs for more details: Create Purchase Orders In QuickBooks Desktop.

The Community is always here if you have follow-up questions.

Topics

Training

Community

Resources

Closing Out Purchase Orders Without Bank Account

Closing Out Purchase Orders Without Bank Account

Need to get in touch?