UNderstanding receiving and entering bill for inventory

Posted by testforbc on February 4, 2009, 6:46 pm

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I'm trying to get my head around how inventory works in QB.

- Lets say I issue a PO for 10 widgets.
- When I receive the 10 widgets I elect to receive the inventory
without the bill. The 10 widgets go into inventory at the cost on my
PO.
- Sometime later I receive the bill which has the 10 widgets plus the
freight cost. I then enter the bill against inventory and ad the
freight charge.
- QB gives me a warning that this transaction is linked to other and
do I want to change it. If I go ahead with the change a bill shows up
in my vendor center correclty for the cost + freight.

So, is this the right way to receive inventory and enter the bill? Are
there any gotchas doing it this way?

thanks,
Ian

P.S. Is QB enterprise any different than QB premier in regards to
inventory

Posted by Gary E on February 5, 2009, 8:44 am

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This is the correct procedure. I am sure there will be gotchas along the
way, such as someone directly entering the bill in addition to the items
receipt, things like that. There may be backordered items. Also you may
not be happy with average cost of inventory. But it sure sounds like you
have a handle on things

G

> I'm trying to get my head around how inventory works in QB.

> - Lets say I issue a PO for 10 widgets.

> - When I receive the 10 widgets I elect to receive the inventory

> without the bill. The 10 widgets go into inventory at the cost on my

> PO.

> - Sometime later I receive the bill which has the 10 widgets plus the

> freight cost. I then enter the bill against inventory and ad the

> freight charge.

> - QB gives me a warning that this transaction is linked to other and

> do I want to change it. If I go ahead with the change a bill shows up

> in my vendor center correclty for the cost + freight.

> So, is this the right way to receive inventory and enter the bill? Are

> there any gotchas doing it this way?

> thanks,

> Ian

> P.S. Is QB enterprise any different than QB premier in regards to

> inventory