• From: Canada
  • Registered: 06/04/2008
  • Posts: 72

Topic: Wire Purchase Order Invoices

A little complicated...

But,

There should be a way to Create a PO Invoice with item lines to be received later. As with the case for Payments that are done upfront in advanced before they are received. Such as Wire/Transfers.

For instance. Let's say a supplier that only takes payments upfront before the goods are received.

So let's say we had a PO in the system for some line items. Our supplier sends us the confirmation invoice for Jan 1st let's say. The invoice is entered into the system as a credit payable and debit a inventory in transit account. 2 Wire transfers are to be done to this invoice before it is received. First wire is done on that Jan 1st day and the second would be done the day it leaves the supplier's door, let's say Jan 30th. Payments are allocated to the invoice, and all that's left now is receiving in the product against the PO invoice. Which would then credit the transit account and debit inventory respecfully.

  • joe
  • Administrator
  • Offline
  • Registered: 03/15/2007
  • Posts: 5,085

Re: Wire Purchase Order Invoices

Forgive me, I am not following you exactly. The only thing that is in transit here is the money. You haven't received anything until you have done your second payment.

This is how I would treat it:
1. PO to supplier, with correct required dates.
2. Payment 1 and 2 done to the supplier on the two dates.
3. Enter the receival per 30th jan and the supplier invoice. The receival and invoice could also be entered at once, but with correct future dates.

/Joe

3 Reply by t2webby (edited by t2webby 07/16/2009 04:45:29 pm)

  • From: Canada
  • Registered: 06/04/2008
  • Posts: 72

Re: Wire Purchase Order Invoices

Yes that's the method i've been doing

However I guess what i'm trying to find is an easy way to link a PO to payments from a supplier while they are producing stock items so that I know what i've payed to that PO to date. After it is received it will take it out of transit and put it into inventory. Just helps with Cash flow purposes.