{"id":653,"date":"2012-10-26T10:59:57","date_gmt":"2012-10-26T15:59:57","guid":{"rendered":"http:\/\/www.iqaccountingsolutions.com\/blog\/?p=653"},"modified":"2012-10-26T10:59:57","modified_gmt":"2012-10-26T15:59:57","slug":"receiving-inventory-in-sage-50peachtree-without-an-invoice","status":"publish","type":"post","link":"https:\/\/www.iqaccountingsolutions.com\/blog\/receiving-inventory-in-sage-50peachtree-without-an-invoice\/","title":{"rendered":"Receiving Inventory In Sage 50\/Peachtree Without an Invoice"},"content":{"rendered":"

In real life, receiving inventory and receiving the invoice for that inventory is often two separate events that occur days, or even weeks apart.\u00a0 But in Sage 50 both happen in one transaction.\u00a0 Sometimes waiting for the invoice to get the inventory in Sage 50 is fine.\u00a0 But what about the times you are waiting for that inventory to fill orders?\u00a0 You could invoice the customer and let your Sage 50 inventory go negative.\u00a0 But most people recommend you avoid negative inventory<\/a>.\u00a0 This is where the Waiting On Bill<\/em> option comes in.<\/p>\n

In the Purchases\/Receive Inventory<\/em> (Enter Bills) window, below the Invoice No<\/em> field there is a check box labeled Waiting On Bill<\/em>.\u00a0 When you need to receive inventory without an invoice, enter everything just like you would if you were entering the invoice except you will leave the invoice number blank and check Waiting On Bill<\/em>.\u00a0 This is the only way you can save a purchase without an invoice number.\u00a0 Now your inventory will be updated so you can enter sales invoices for those items.<\/p>\n

When the vendor’s invoice arrives, go back to Purchases\/Receive Inventory<\/em> and click the List<\/em> button.\u00a0 Find the transaction from the previous step and double click to open it.\u00a0 If you click twice on the Waiting On Bill<\/em> column heading in the list, the waiting transactions will be sorted to the top of the list so they are easier to find.\u00a0 Once you have opened the transaction, enter the invoice number and uncheck the Waiting On Bill<\/em> box.\u00a0 Review the details and make any needed changes.<\/p>\n

Up to that point everything is pretty simple, but now there are some important considerations and they all revolve around the invoice date.\u00a0 If the invoice date is not the same as the date you used when receiving the inventory, changing it will move the inventory receipt to the invoice date.\u00a0 That means your previous sales invoice could now push your inventory negative even though it didn\u2019t when you entered the sale.\u00a0 Because of that I recommend leaving the date alone and manually adjusting the due date in the Terms field so it will get paid at the right time.<\/p>\n

If the invoice didn\u2019t come in until the next month you could have more issues to deal with.\u00a0 If the amounts on the invoice are different than the amounts originally entered, changing them will change balances in a prior month.\u00a0 When, for reporting reasons, you can\u2019t allow the prior month to be changed, the only thing you can do is leave the amounts as they were originally entered and post a new invoice for the difference in the current month.\u00a0 Do not use inventory items on that invoice unless item quantities need to be adjusted.\u00a0 Otherwise just post the dollar amount to a GL account \u2013 typically COGS.\u00a0\u00a0 But check with your CPA to see what account they want you to use.<\/p>\n","protected":false},"excerpt":{"rendered":"

The “Waiting on Bill” option in Sage 50\/Peachtree allows you receive inventory before you have an invoice for it. This tip explains how and why you should use it, as well as how to work around some of its shortcomings.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[9,3],"tags":[],"_links":{"self":[{"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/posts\/653"}],"collection":[{"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/comments?post=653"}],"version-history":[{"count":1,"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/posts\/653\/revisions"}],"predecessor-version":[{"id":654,"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/posts\/653\/revisions\/654"}],"wp:attachment":[{"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/media?parent=653"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/categories?post=653"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.iqaccountingsolutions.com\/blog\/wp-json\/wp\/v2\/tags?post=653"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}