Quicken & Other Budget/Accounting Software/Invoice

Advertisement


Question
The company issued a PO from the system amounting 55,000.00. And the supplier send an invoice amounting 49,500.00 (90% from PO amount)

How do in enter the invoice to contra with the PO and what is the entries?

Answer
In QuickBooks,  the Purchase order is a non-posting transaction. It does not affect any
accounting records. Therefore, after receiving your 49500 worth of services
or product, you can manually close the purchase order.

QuickBooks has a box in the lower left of the PO form (or in version 2013 a button on the form ribbon bar on top) that you can check that will manually close the purchase order.

Linda Saltz, CPA
Advanced Certified QuickBooks Advisor
www.qbalance.com
We sell and support QuickBooks Enterprise
http://www.qbalance.com/enterprise_quickbooks.htm

Quicken & Other Budget/Accounting Software

All Answers


Answers by Expert:


Ask Experts

Volunteer


Linda Saltz, CPA, QBalance.com

Expertise

QuickBooks best practices, troubleshooting, accounting, tax We have over 70 pages of website content about QuickBooks tips, running a business, tax and business startup at http://www.qbalance.com

Experience

Accountant and CPA over 20 years. Specializing in accounting software for over 12 years, Certified QuickBooks Pro Advisor, QuickBooks seminar instructor since 1997.
Producer of www.QBalance.com over 100 pages devoted to QuickBooks help and support and training for small business owners in tax and accounting issues.

©2016 About.com. All rights reserved.