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Old 01-13-2006, 10:17 AM
jwandersee jwandersee is offline
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Join Date: Aug 2004
Posts: 17
GL entries when using PO's and Items receipt

I am a new user to the mfg and wholesaler edition of QuickBooks.

When I receive inventory through Item Receipt what is the offsetting entry to debiting Inventory since the invoice has not yet been received?

When I do actually receive the invoice, what is the offsetting entry for variances in price from that listed on the PO (since the items went into inventory at the PO price and may already be gone/sold)

I am just curious how QuickBooks handles this.


Jason Wandersee
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Old 01-13-2006, 10:51 AM
kenilworth kenilworth is offline
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Join Date: Aug 2004
Location: Toronto
Posts: 409
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It IS very frustrating to look at the screen and wonder what is going on behind the scenes with account allocation. Life is so much sweeter when you discover the "Journal" button near the top right of the screen - the transaction laid out in the old-fashioned way, debits and credits and account allocations - glorious.
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Old 01-14-2006, 08:52 AM
RobJoy RobJoy is offline
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Join Date: Mar 2003
Location: UK
Posts: 3,858
Item Receipt is really a Bill transaction with a few bits missing. The credit side goes to A/P. If you look at the vendor's Open Balance, you will see that Item Receipts appear in it. The difference is that they don't appear in the Pay Bills window, they have no Terms or Due Date, and they won't have any tax on them.

When you receive the bill, open the item receipt to which it relates and click the 'Bill Received' box. Make any changes to prices or anything else you require, and save. QB will now change any entries it made for COGS relating to these items, without any further action from you.

So the difference between PO price and bill price is affected by changing the posting made on the item receipt when it is converted into a bill.
Joyce Beck
Accounting and bookkeeping support, QuickBooks Pro Advisor
Home and small business computer services in Northampton, UK
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