QuickBooks Inventory – Part Five – Entering a Bill

Posted by on Apr 25, 2011 in Inventory Module | 0 comments

Let’s see where did we leave off? Oh yes the Item Receipt for the inventory was entered, but I haven’t received the bill as yet. So as I don’t forget, I would like to record that important bill in QuickBooks.

As always, I start at the Home page. This should now be automotic for any that have followed this series. In the Vendor section I will choose Enter Bills Against Inventory.

This in turn opens up the Select Item Receipt from which I will choose Barata’s Building Supplies from the drop-down box and click on OK.

The Enter Bills screen is the same one that I used during the Vendor portion of QuickBooks training. I just need to make sure to change the date to December 31, 2008 and click on Save &  Close.

If a Recording Transaction pop-up message appears saying “You have changed the transaction. Do you want to record your changes?” Just make sure and say Yes.

QuickBooks has now changed the Item Receipt to a bill in the Accounts Payable and I will see the bill in the Pay Bills window. The Barata’s Building Supplies A/P account will also have increased by the $1,455.44 amount.

The journal entry created by QuickBooks looks like this.

  Debit             Credit

Accounts Payable                                                     $1,455.54

Inventory Asset                          $1,299.50

 GST/HST  Payable                            155.94

Next up  – Manually Adjusting Inventory.

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