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Join nowI'm having a bear of a time...
Problem 1:
In November 2018, I created two purchase orders for shirts that were being manufactured.
In January 2019, I needed to pay a deposit on these two purchase orders. I created a bill by applying the PO's. When I created the bill & wrote the check to pay the deposit (1/2) , it showed all the items as received. We did not start receiving product until late January and we just received the remaining product this week.
Problem 2:
As production started on the 2nd PO, we found the yield on the shirt quantities was reduced significantly from the qty in the original purchase order.
Compounding factor:
Since payment of the deposit and incorrectly receiving all items we have sold several of these shirts.
Can I cancel or change receipt of the inventory after a bill has been paid? If this can be performed, can I amend the purchase orders to reflect the correct quantities and amounts and then re-apply the payment? Will this affect the cost of the products already sold?
I would be grateful for any assistance or advice. Thanks!
Solved! Go to Solution.
Not quite sure how you fix this, but the procedure should be as follows:
1) Create an asset account called inventory deposits. 2) Write your check for the deposit and code it the inventory deposit account. 3) Shirts come in. Receive quantity against purchase order and enter a bill for quantity received. This will show up on the ITEM tab section of the bill. Click on the expense item tab and using the inventory deposit account enter the amount of the deposit that you are applying to the bill to reduce the total bill amount. 4) You can run a report by double clicking on the inventory deposit account on the balance sheet and totaling by payee to determine the remaining deposit amounts.
Glad I was able to help. Failed to mention that on the expense tab, the inventory deposit should be entered as a negative.
Not quite sure how you fix this, but the procedure should be as follows:
1) Create an asset account called inventory deposits. 2) Write your check for the deposit and code it the inventory deposit account. 3) Shirts come in. Receive quantity against purchase order and enter a bill for quantity received. This will show up on the ITEM tab section of the bill. Click on the expense item tab and using the inventory deposit account enter the amount of the deposit that you are applying to the bill to reduce the total bill amount. 4) You can run a report by double clicking on the inventory deposit account on the balance sheet and totaling by payee to determine the remaining deposit amounts.
Dear QBsguru,
Thank you very much! That makes it very clear for me on how to do things moving forward so I won't get in this mess to start with. I really appreciate your time and input!
Glad I was able to help. Failed to mention that on the expense tab, the inventory deposit should be entered as a negative.
Thank you!!
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