I've created an account: Unbilled Payables in my COA . I have materials for our construction company that have been received, but have not been billed by the vendor. it is our month-end and I need to enter the $ value of the materials so that it appears in our financial statements for the correct period.
How would I accomplish this? A JE and then reverse when I receive the bill and enter bill as usual?
You can consider creating a journal entry to clear out your payable account since you haven't received the bill. But I'd still recommend contacting your accountant for guidance in choosing the accounts for your journal.
Thanks for getting back to us and providing additional details to your concerns, FMW.
Just to confirm, haven't you entered an Item Receipt yet? If so, you can record an Item Receipt. This will report the $ value on your Balance Sheet report under Accounts Payable. I'll show you how to do it:
From the Vendors menu, choose Receive Items.
Select the vendor from the Vendor drop-down.
Enter the required fields.
Click Save and Close.
With these steps, the $ value will show how much you owe to the vendor on your financial statement.
I'm including some links you can read for future reference: