Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
We have an item receipt from 2019. The supplier is gone. How should I handle this item? It already hit AP and Inventory Asset when the item receipt was created. I can create a bill with the same date so that it does not affect AP and Inventory Asset then issue a credit memo against an other income account. Is this the best way to handle this?
Solved! Go to Solution.
Hello there, Novice338.
That's correct. Since a bill replaces an item receipt, you can enter a bill for the item receipt with the exact date item and amount.
After that, you'll only have a bill instead of an item receipt. Then, you can create a credit and apply it to the bill.
To create the credit:
You can now apply these credits to the vendor bill.
Here's how:
I also recommend consulting an accountant for the best option to handle your item receipts.
Here's an article for more tips and related articles that will surely help you with your future tasks: Expenses and vendors
Let us know if you still have other questions or clarifications about item receipts. I'll be here to help. Keep safe.
Hello there, Novice338.
That's correct. Since a bill replaces an item receipt, you can enter a bill for the item receipt with the exact date item and amount.
After that, you'll only have a bill instead of an item receipt. Then, you can create a credit and apply it to the bill.
To create the credit:
You can now apply these credits to the vendor bill.
Here's how:
I also recommend consulting an accountant for the best option to handle your item receipts.
Here's an article for more tips and related articles that will surely help you with your future tasks: Expenses and vendors
Let us know if you still have other questions or clarifications about item receipts. I'll be here to help. Keep safe.
Thanks, that is what I did. Just was not sure if there is another option.
I appreciate you for coming back, Novice338.
The solution shared by Archie_B is already the best option to handle the item receipt from the year 2019 in QuickBooks Desktop (QBDT).
Learn more about paying bills by visiting this article: Pay bills in QuickBooks Desktop.
To review the bills you've paid, you can run the Custom Transaction Detail report and filter it to show bills.
To do so, please follow these steps:
For further guidance in customizing a report, you can also check out this article: Create, access, and modify reports.
For tips and related articles in the future about the "How Do I" steps in QuickBooks Desktop, visit our QuickBooks Community help website for reference.
You can always get back to me here in the Community if you have any other questions. I'll be more than happy to assists you.
You have clicked a link to a site outside of the QuickBooks or ProFile Communities. By clicking "Continue", you will leave the community and be taken to that site instead.
For more information visit our Security Center or to report suspicious websites you can contact us here