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Frequent Explorer *

Split Bill Payments

Hello, when purchasing inventory I pay some of the bill in advance and the balance upon shipment. The goods then arrive a while later. What is the best method to record the inventory receipt and the separate bill payments?
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Best answer 07-05-2019

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Anonymous
Not applicable

Re: Split Bill Payments

The down payment can be entered as a check - coded the Accounts Payable and include the vendor name under customer/job.

Enter the vendor bill normally.

Enter the second payment as a normal vendor bill payment - and 'apply credits' to include the deposit in the total due..

View solution in original post

5 Comments
Anonymous
Not applicable

Re: Split Bill Payments

The down payment can be entered as a check - coded the Accounts Payable and include the vendor name under customer/job.

Enter the vendor bill normally.

Enter the second payment as a normal vendor bill payment - and 'apply credits' to include the deposit in the total due..

View solution in original post

Frequent Explorer *

Re: Split Bill Payments

Thank You!!
Frequent Explorer *

Re: Split Bill Payments

Hello MikeinBC, If I enter the down payment as a check, how will QB add the down payment to the CoGS per unit? Will I have to enter the CoGS manually?
Anonymous
Not applicable

Re: Split Bill Payments

If/how/when you pay a vendor bill has no impact on the Inventory or CoG. CoGs comes from Inventory and Inventory comes from the vendor bill posting - paid or not.
QuickBooks Team

Re: Split Bill Payments

Hello there, @hanky..

 

I can provide with additional information on how to record your bill payments.

 

When you entered a bill in the Enter Bill window, you can use the Pay Bills window to pay that bill. Otherwise, the bill will not be marked as paid. Whereas, you can use the Write Checks window only if the bills have not been entered and you don't need to track them.

 

On the other hand, paying bills will not affect your inventory nor Cost of Goods Sold. Only the bills that you've entered and item received affects your COGS.

 

For more insights, you may check these articles: 

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