Topic: When does Inventory hit GL?

I created a PO, accepted the inventory yet I don't see it as a current asset or a payable to the supplier.

Where in the process does this hit my balance sheet and I/S?

Also how do I un-receive inventory because i put the wrong supplier on the PO and I need to delete the PO and do over?

2 (edited by poncho1234 07/23/2018 05:07:35 pm)

Re: When does Inventory hit GL?


Have you read this and relevant pages?



    The normal procedure is first a Purchase Order (PO), then a receival note (GRN) and then a Supplier Invoice (menu on right side).
    If you do a Direct Supplier Invoice, all these stages will be performed in the background.
    If you do a Direct GRN, a PO is done in the background. When the Supplier Invoice is received, you use the Supplier Invoice (menu on right side).

New users are encouraged to setup a training company, to test, verify, etc.

Another variable is what credit terms does the supplier give you?

You can void a PO in Setup -> Void a Transaction

The FrontAccounting Wiki(Manual, examples, tips, setup info, links to accounting sites, etc)