Question about prepaying vendor and item receipt

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Subject Author Date Question about prepaying vendor and item receipt Greg Pasquariello 08-04-2006
Posted by Greg Pasquariello on August 4, 2006, 9:14 am Please log in for more thread options In my business it is standard practice to prepay our vendor 1/3 down at time of order, and balance prior to actually receiving the goods. In quickbooks, we do this by writing a check for 1/3 to the vendor on our Accounts Payable account. We then pay the balance by writing a check for the balance to the vendor on our Accounts Payable account. When we receive items against the PO, it APPEARS that receiving without a bill, and receiving with a bill and then applying the credits both work identically. In the former case, the credits seem to get automatically applied. In the latter case, I have to manually apply them by "paying the bill". Is there a reason to prefer one method of recieving over the other? Thanks. Similar Threads Posted Vendor total question November 30, 2006, 10:32 am Item Question May 10, 2008, 4:43 pm Balance Sheet Report Question Re: Current Liability Item December 29, 2007, 11:17 am Changeinventory item to non-inventor item April 11, 2007, 4:28 pm email receipt March 18, 2008, 11:26 am Refunding a CC receipt September 17, 2008, 10:41 pm Invoicing or receipt or none? December 29, 2008, 7:07 am Reversing an incorrect receipt June 2, 2009, 8:29 pm Edit Sales Receipt QB2007 July 18, 2007, 5:51 pm Importing Sales Receipt Transactions September 20, 2008, 2:05 am