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  #1  
Old 10-31-2006, 04:36 AM
pink pussycat pink pussycat is offline
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Entering Bills Before Item Receipts

If I make a purchase using a credit card and want to enter the bill straight away I have to receive the item as well as the bill. Is there a way of entering a bill from a purchase order but leave the item receipt pending?

Thanks in advance for any help.
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  #2  
Old 10-31-2006, 07:38 PM
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lisa_mn lisa_mn is offline
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You could create an other current asset account called "pending receivings" or something if you're set on recording the credit card liability before hand. Then when you actually receive the items, delete the pending entry.
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  #3  
Old 11-01-2006, 02:54 AM
Joe Williams Joe Williams is offline
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In QB 2005 you can create a new item Pre-Paid-CC (type Other Charge) using an other current asset account names "paid=bill-not-received" and entering it on a PO with the Qty of 2 and amount of 0.00 then the rest of the regular items. You can then enter the CC Charge against the PO using the Pre-Paid-CC item with Qty of 1 and the amount of the charge immediatly. When you receive the items and bill. receive them against the PO, there should be a qty of 1 for Pre-Paid-CC and you enter a negitive amount for the total od the billed amount. This will first recorde the CC charge as an other current asset and when you enter the bill to clost the PO reduced the asset account to ballance it out.
Let me know how this works for you.
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  #4  
Old 11-08-2006, 03:23 PM
RobJoy RobJoy is offline
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My method

I have an Other Current Asset account called 'Goods in Transit'. Bills received are entered against this if the goods have not yet been booked into stock/inventory - whether or not they've been paid.

When the goods are received I have two options: if the receipt date is in the same month as the bill, I change the bill - delete the expense posting and enter item lines instead. If the bill date is in a different month (often happens, we ship stuff from the US to the UK), I enter a new bill on the date of the receipt, same number as the original, negative entry against Goods in Transit, balanced by positive entries under items. So the bill has zero total value, and 'moves' the value from Goods in Transit to stock/inventory.

I find this method has advantages. It effectively enables me to separate bill dates from the date of receipt of goods, which QB does not do itself. I have a running balance in Goods in Transit on the Balance Sheet - sometimes illuminating to see just how much of our money is on a ship in the middle of the Atlantic, and particularly relevant at year end. I can reconcile Goods in Transit just like a bank account, so I can match up my entries and see that all is as it should be - chase up stuff that ought to have been booked in, see where Ive got values wrong (e.g. different exchange rate on the original bill to Goods in Transit than the one to items).
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  #5  
Old 11-08-2006, 03:26 PM
RobJoy RobJoy is offline
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Red face Pink Pussycat?????

Good grief.
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