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Join nowInventory question - client orders from China - we do a purchase order, they want money down, then we pay the shipping portion of the bill, then we pay another percentage. Finally some of the inventory arrives. But to pay parts of the bill I have entered It all. I am sure there is a better and more accurate way to do this so that our inventory numbers are correct. Any Ideas? Should I enter a prepayment and if yes, how? I am using QBO advanced
Solved! Go to Solution.
I can help you with recording your vendor prepayments, @Wendi.
You can record vendor prepayments by writing a check to your Accounts Payable (A/P) account.
Follow the steps below:
You can now create the bill to decrease the bill amount.
You can now apply the prepayment check on the bill to pay it. Here's how:
You can refer to the following article for more information about creating a bill and record bill payments: Enter bills and record bill payments in QuickBooks Online.
If these transactions are downloaded from your bank accounts, check the following article on how to categorize and match online bank transactions in QuickBooks Online.
I'm always here if you need more help in recording your bill payment. Let me know by leaving a reply below. Keep safe!
I can help you with recording your vendor prepayments, @Wendi.
You can record vendor prepayments by writing a check to your Accounts Payable (A/P) account.
Follow the steps below:
You can now create the bill to decrease the bill amount.
You can now apply the prepayment check on the bill to pay it. Here's how:
You can refer to the following article for more information about creating a bill and record bill payments: Enter bills and record bill payments in QuickBooks Online.
If these transactions are downloaded from your bank accounts, check the following article on how to categorize and match online bank transactions in QuickBooks Online.
I'm always here if you need more help in recording your bill payment. Let me know by leaving a reply below. Keep safe!
thank you!
HEre is another way to do this as well in case anyone else is looking
You would need to enter the vendor Bill to Vendor Advances (a prepaid account). The balance stays in Vendor Advances until inventory is shipped. When inventory is shipped, you can reclassify the balance to Inventory in Transit. When the Inventory is received, you can enter it to Inventory.
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