Solved: How do I enter a bill from a vendor for an inventory item without increasing the inventory asset account value because I have received and entered the item prior to bill?

bruce-mullinix · ‎10-19-2018

Inventory purchased from vendor is received, entered and sold before the vendor invoice is received and entered as a bill. Once inventory is received and quantity adjusted up, inventory asset account value increases by the cost designated. The vendor's invoice is received and entered days later for the same product and increases inventory asset account value by same amount which doubles value.

Rustler · ‎10-19-2018

@ bruce

desktop has an item receipt which allows you to receive the item and then the bill days later, for some reason when they programmed QBO they did not include that function - you can not receive an item and not affect the total inventory value (even using an item receipt - items purchased have a value)

So in QBO you have to make a decision, do not receive the items until the bill arrives,

or

enter a "best guess" bill to stock the items that came in, then when the bill does come in, edit the best guess version and pay it when ready.

View solution in original post

Rustler · ‎10-19-2018

@ bruce

desktop has an item receipt which allows you to receive the item and then the bill days later, for some reason when they programmed QBO they did not include that function - you can not receive an item and not affect the total inventory value (even using an item receipt - items purchased have a value)

So in QBO you have to make a decision, do not receive the items until the bill arrives,

or

enter a "best guess" bill to stock the items that came in, then when the bill does come in, edit the best guess version and pay it when ready.

View solution in original post

qbteachmt · ‎10-19-2018

You should not have made an adjustment; you should have entered a bill to show you Know you Owe, even though their paperwork did not yet arrive.

"The vendor's invoice is received and entered days later for the same product and increases inventory asset account value by same amount which doubles value."

Yes, that is you, using two different methods to handle the same info.

Browse by Topic

Training

Community

Resources

How do I enter a bill from a vendor for an inventory item without increasing the inventory asset account value because I have received and entered the item prior to bill?

@ bruce desktop has an item receipt which allows you to r...

@ bruce desktop has an item receipt which allows you to r...

You should not have made an adjustment; you should have e...

How do I enter a bill from a vendor for an invento...

How Return items from a vendor after entering a bi...

Self-used inventory can be entered as an 'internal...

I have been entering my bills in QB and applying t...

When entering a bill for purchased parts, do I ent...

Need to get in touch?