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UNderstanding receiving and entering bill for inventory

I'm trying to get my head around how inventory works in QB.

- Lets say I issue a PO for 10 widgets.

- When I receive the 10 widgets I elect to receive the inventory without the bill. The 10 widgets go into inventory at the cost on my PO.

- Sometime later I receive the bill which has the 10 widgets plus the freight cost. I then enter the bill against inventory and ad the freight charge.

- QB gives me a warning that this transaction is linked to other and do I want to change it. If I go ahead with the change a bill shows up in my vendor center correclty for the cost + freight.

So, is this the right way to receive inventory and enter the bill? Are there any gotchas doing it this way?

thanks, Ian

P.S. Is QB enterprise any different than QB premier in regards to inventory

Reply to
testforbc
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This is the correct procedure. I am sure there will be gotchas along the way, such as someone directly entering the bill in addition to the items receipt, things like that. There may be backordered items. Also you may not be happy with average cost of inventory. But it sure sounds like you have a handle on things

G
Reply to
Gary E

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