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deycomin
Level 3

Invoices and and Purchase Orders are not decreasing or increasing my inventory as it should

Hello Community,

 

I’m new to QBO and I’m encountering a problem.  I’m not an accountant or math wiz for that matter so bare with me.

 

I enter a purchase order for 500 items and create a bill to receive them.  They are listed as received (500) and the amount to pay the supplier is correct.  Additionally, I sell the item and invoice my customer.  The invoice has the correct amount of item and the correct amount to bill the customer.

 

I go to my chart of accounts and the Inventory Asset account is showing the amount increasing and decrease incorrectly.   The Purchase received (500) is entering as what paid for them (470) and the invoices are entering as what I would have paid for the items ($18.80 not $20).  They are all deducting  my vendor rate.

 

What did I do wrong?  Please help

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1 Comment
deycomin
Level 3

Invoices and and Purchase Orders are not decreasing or increasing my inventory as it should

I’m sorry if I posted this in the wrong category.  Had trouble navigating this site.  Just need some Help. 

 

Also, when I imported the supplier information into QBO it sent the bill owed to the supplier as a credit balance.  How do I correct that???

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