Advertise here    

QuickBooks Forums      

Go Back   QuickBooks Forums > QuickBooks Software Support > Premier Manufacturing and Wholesale Edition Forum

Reply
 
Thread Tools Rate Thread Display Modes
  #1  
Old 01-13-2006, 09:17 AM
jwandersee jwandersee is offline
Junior Member
 
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.

Thanks.

Jason Wandersee
__________________
Jason
Reply With Quote
  #2  
Old 01-13-2006, 09:51 AM
kenilworth kenilworth is offline
Registered User
 
Join Date: Aug 2004
Location: Toronto
Posts: 409
Send a message via ICQ to kenilworth
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.
Reply With Quote
  #3  
Old 01-14-2006, 07:52 AM
RobJoy RobJoy is offline
Registered User
 
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
joyce@pc-firstaid.com
------------------------------------------------------------------------------
Accounting and bookkeeping support, QuickBooks Pro Advisor
Home and small business computer services in Northampton, UK
Reply With Quote
Reply

Bookmarks
Bookmark and Share
Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is Off
HTML code is Off

Forum Jump


All times are GMT -5. The time now is 10:31 PM.


 

Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
All contents copyright (c) by AccountingUsers Inc.