cancel
Showing results for 
Search instead for 
Did you mean: 
aimeelucy
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?

Solved
Best answer November 01, 2018

Best Answers
Rustler
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

9 Comments
Rustler
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

aimeelucy
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.

Alfredo_R
Level 2

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

Hi,
When I can find the process for QB Desktop? I buy a vendor and received invoice from them when they dispatch the goods, the transit is 15 - 30 days. The invoice is credit.

Thanks a lot.

Alfredo

JamesDuanT
Moderator

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

Thanks for joining in on the thread, Alfredo_R.

 

If your scenario is the same with the initial customer who posted the question, the items were paid partially or in full. Since you haven't received the items physically, we can follow Rustler's suggestion.

 

We can record the payment you've made affecting the Accounts Payable account. Here's how to do it:

  1. Click Banking at the top menu and select Write Checks.
  2. Selectthe BANK ACCOUNT and the vendor.
  3. Enter the Date and other necessary details.
  4. Click the Expenses tab and select Accounts Payable in the ACCOUNT column.
  5. Enter the payment you've made in the AMOUNT column.
  6. Click Save & Close.

Once you received the items, you can already create the bills:

  1. Click Vendors at the top menu and select Enter Bills.
  2. Select the Vendor and enter the Date.
  3. Enter the necessary details and go to the Items tab.
  4. Enter the inventory item you received.
  5. Click Save & Close.

When paying the bill, we can apply the available credit. This credit comes from the Check we created earlier.

  1. Click Vendors at the top menu and select Pay Bills.
  2. Mark the bill you want to pay.
  3. Click the Set Credits button under the DISCOUNT & CREDIT INFORMATION FOR HIGHLIGHTED BILL section.
  4. In the Discount and Credits window, go to the Credits tab.
  5. Mark the available credit and click Done.
  6. After entering reviewing the details, you can already click Pay Selected Bills.

You can also use these links for reference when managing your bills:

If you want to clarify something or have additional queries regarding the process, please feel free to get back to us. We'd be glad to further assist you until we get to the bottom of this. Have a great day!

Alfredo_R
Level 2

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

Hi James,

thanks for your response. I will detail the 2 process in our importations:

1. We receive the final digital invoice with credit 60 days from the vendor. In same moment the vendor dispatch the articles from warehouse. The transit for articles is 15 - 30 days. We need register the bill when we received it. Then, when articles arrive we upgrade in inventory.

2. It is similar, only that, we not have credit and we need pay a variable % advance depend the vendor.

Thanks for help.

 

Alfredo

Rubielyn_J
QuickBooks Team

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

Thanks for posting back here, @Alfredo_R.

 

My colleague is right. You need first to record the payment by creating a check. In QuickBooks Desktop, you use regular checks to pay for a fixed asset, inventory and non-inventory part, service, other charges, and any expense you track. 

 

After creating the check, enter the bill once you receive the items. You may also check this article for the detailed process: Enter bills in QuickBooks Desktop.

 

Lastly, after you record what you owe your vendors, you can go to the Pay Bills window to settle your payables. If you received a discount or credit from a vendor, you apply it to your bill payment to reduce your total payable.

 

You can also directly pay your vendor bills in QuickBooks. It also records your payment automatically so your reports are accurate.

 

Don't hesitate to leave a comment down below if you have other concerns. I'll be more than happy to help you. Have a pleasant day.

Alfredo_R
Level 2

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

But,

what happen with the credit bills with articles in transit? How can I registre the bills without have the articles on hand?

Thanks,

 

Alfredo


@Rubielyn_J wrote:

Thanks for posting back here, @Alfredo_R.

 

My colleague is right. You need first to record the payment by creating a check. In QuickBooks Desktop, you use regular checks to pay for a fixed asset, inventory and non-inventory part, service, other charges, and any expense you track. 

 

After creating the check, enter the bill once you receive the items. You may also check this article for the detailed process: Enter bills in QuickBooks Desktop.

 

Lastly, after you record what you owe your vendors, you can go to the Pay Bills window to settle your payables. If you received a discount or credit from a vendor, you apply it to your bill payment to reduce your total payable.

 

You can also directly pay your vendor bills in QuickBooks. It also records your payment automatically so your reports are accurate.

 

Don't hesitate to leave a comment down below if you have other concerns. I'll be more than happy to help you. Have a pleasant day.


 

AMG02
Level 1

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

@ Rustler,

In a previous post you mention "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."

 

I am running QB Desktop.  We purchase items from overseas.  We receive the invoice 1-2 weeks before we receive the inventory.  Can I enter the bill when I receive the invoice, then edit when we receive the product to make sure we actually receive all the items.  

 

It gets confusing to have to "hold" bills to enter until the product arrives.  

 

Thanks - AMG

AMG02
Level 1

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

We also purchase goods from overseas.  We get the invoice 1-2 weeks before product arrives in our warehouse.  Is there a way to enter the bill once we receive it, then enter inventory against that once the product arrives.  We want to keep track of open invoices, but we won't pay the bill until all product has been received at the warehouse.

 

Thanks - AMG

Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up

Need to get in touch?

Contact us