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Level 1

How do I enter a bill from a vendor for an inventory item before I receive the items?

We purchase items from an overseas vendor.  Once the items are on the ship heading our way, the vendor sends an invoice, and we pay 25% as a deposit on the goods.  However, we have yet to receive the goods.  

 

They are showing up in my inventory valuation and in my inventory on hand, but they are not fully ours, nor have they been physically received.

 

Any way to get around this so my inventory count and valuation will be accurate?

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Best answer 11-01-2018

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Level 15

How do I enter a bill from a vendor for an inventory item before I receive the items?

in QBO if you enter a bill ,that stocks the item,  QBO does not have the same feature set as desktop, which allows for that.

 

Pay the deposit and use accounts payable as the expense (reason) for the payment, that sets a vendor credit which you can apply when the items get in and you enter the bill.

View solution in original post

2 Comments
Highlighted
Level 15

How do I enter a bill from a vendor for an inventory item before I receive the items?

in QBO if you enter a bill ,that stocks the item,  QBO does not have the same feature set as desktop, which allows for that.

 

Pay the deposit and use accounts payable as the expense (reason) for the payment, that sets a vendor credit which you can apply when the items get in and you enter the bill.

View solution in original post

Highlighted
Level 1

How do I enter a bill from a vendor for an inventory item before I receive the items?

Thank you!  I'll give that a go.

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