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MP11
Level 2

Correct process for PO's that are received and not received in inventory

We run a business where most of the items are purchased for customer sales. We are buying items for a specific sale that we will install once we receive the items. Most of the vendors we pay at time of purchase before we receive the item and one other one we pay at the end each week for our purchases for the week. We have a small group of items we do inventory that are kept on hand but payment is processed the same way.

 

I am trying to follow the same standard process enter a PO>receive inventory> enter bills> pay bills for the JIT PO's and the inventory items we have no unique PO it's a standard PO we use for inventory items we enter bills and pay bills note them as expense to the company.

The main issue I have is the items are in the check register and they appear on the bank feeds which at time the amounts wont' match and we end up with duplicate amounts in the bank register. Our amounts for the day are summarized and the items I enter are at the invoice or PO level.

 

This has turned into a mess for me on cleaning up the bank register. I would love a suggestion on the appropriate process how we should track vendor purchases so its easier to manage.

Thank you

Solved
Best answer March 11, 2019

Best Answers
Rustler
Level 15

Correct process for PO's that are received and not received in inventory

The work flow is create the PO,  enter the bill when items are received

 

that is where items are listed per item with qty an total cost per item, not in the bank register

 

then you pay bills using the pay bills icon on the home screen

then download banking, and match the bill payment in QB to the banking payment

View solution in original post

3 Comments 3
Rustler
Level 15

Correct process for PO's that are received and not received in inventory

The work flow is create the PO,  enter the bill when items are received

 

that is where items are listed per item with qty an total cost per item, not in the bank register

 

then you pay bills using the pay bills icon on the home screen

then download banking, and match the bill payment in QB to the banking payment

View solution in original post

MP11
Level 2

Correct process for PO's that are received and not received in inventory

This is what I am doing we get as summary per day from one vendor and a summary per week. The bank charges are not matching each individual transaction. I am trying to figure which one I don't put in the register.

 

Thank you

 

HoneyLynn_G
QuickBooks Team

Correct process for PO's that are received and not received in inventory

Hi there, @MP11.

 

Thank you for reaching out back to us. I can help you avoid duplication in QuickBooks Desktop.

 

QuickBooks automatically detects if there are bill payments (billpmt) that match any existing transaction in QuickBooks.

 

Since you already recorded those transactions, you can just ignore them on your Bank Feeds. This way, you'll avoid duplication. Then, you have to manually record the bank charges on your QuickBooks so that the recording is correct.

 

For more insights, you can refer to this article: Add and match Bank Feed transactions.

 

That should correct the process, MP11. You can always visit again the Community if you have additional questions. We're always here to answer all your queries. Have a good one!

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