Pre Paying for Stock on Purchase Orders

Kim HornKim Horn Member Posts: 15

We create a purchase order for an imported window & link it to the customer job.

We have to pay for the window before our supplier orders it, so I enter the bill against the Purchase Order & then the Bill Payment. But this closes my purchase order & states - RECEIVED IN FULL. But most of the time the window (or stock) may not be received for weeks.

Is there another process where I can leave the purchase order open until the window arrives?

Comments

  • Acctd4Acctd4 Accredited Partner Posts: 1,021 ✭✭✭

    Don't enter the Bill/goods until you receive them. 

    Enter the prepayment as a Write Chq to the Supplier posting to Accounts Payable with the Supplier's name in the Customer:Job field (NO tax code!):

    This will reflect the Supplier's account being in credit (as per your prepayment).  Once you receive (& enter) the goods/bill, you can then "apply" this payment to it.

    Shaz Hughes Dip(Fin) ACQ NSW, MICB

    Reckon Accredited Partner (AP) Bookkeeper * Regd BAS Agent (No: 92314 015) *

    ICB-Certified Bookkeeper * Seasonal Tax Consultant since 2003

    Accounted 4 Bookkeeping Services

    Ballajura, WA

    0422 886 003

    [email protected]

    https://www.accounted4bs.com/

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