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Posted by Greg Pasquariello on August 4, 2006, 9:14 am
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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.
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