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Pay for items when you order them

To do this task

  1. Create a purchase order for the items.

    Create a purchase order for the items.
  2. Create another current asset account.

    Create another current asset account.

    Name the account "Prepaid inventory" or a similar name.

  3. Enter charges for the items by:

    Writing a check

    Writing a check

    or

    Entering a credit card charge

    Each credit card has its own register that lists all the charges and credits you've recorded and the payments you've made. You can enter new charges and payments directly in the register.

    To do this task

    1. Open the register for the credit card account you want to use.

      Open the register
    2. Click in the blank entry at the end of the register.

    3. If you want the date to be other than today's date, change the date in the Date field.

    4. Press Tab and enter the transaction number in the Ref field.

    5. In the Vendor field, enter the name of the vendor you purchased the goods or services from.

    6. (Charges only) In the Charge column, enter the amount of the charge.

    7. (Payments only) In the Payment column, enter the amount you paid on the credit card bill.

    8. Enter the name of the account you use to track this type of expense. If you need to distribute the charge to multiple accounts or assign it to a customer:job or class, click Splits. See How to enter split detail.

    9. (Optional) In the Memo field, enter a note about the transaction.

      The memo appears on all reports that include the transaction.

    10. Click Record.

    When QuickBooks indicates that you have an open purchase order for the vendor, do not select the purchase order.

  4. On the Expenses tab of the check or credit card charge, click the Account field. Choose the other current asset account that you created.

  5. Save the check or credit card transaction.

To receive the items

  1. Find the check or credit card charge for the transaction.

    Find the check or credit card charge for the transaction.
  2. On the Expenses tab, select the line that contains your other current asset account.

  3. Go to the Edit menu and click Delete Line.

  4. Click the Items tab.

  5. Click Select PO.

  6. Click the purchase order that contains the items you paid for and then click OK.

  7. If necessary, record additional expenses (such as shipping) on a new credit card charge or check.

    Don't add additional expenses to the existing credit card charge or check.

  8. Save the transaction.

KB ID# H_PO_PAY_BEFORE_RECEIVING
9/29/2016 6:33:00 AM
QYPPRDQBKSWS09 9138 Pro 2017 c08093