Financial Exchange: Receiving Vouchers

Overview | Customize Financial Exchange | FAQs

Basic

Receiving merchandise into inventory always increases your Inventory Asset account. Other accounts affected and documents created depend on:

- Where you choose to enter vendor billing information (Point of Sale or QuickBooks)

- Whether the merchandise has already been paid for

- Whether you send summarized or detailed receiving information (controls whether item information is included)

- What version of QuickBooks financial software you are using

If you elect to enter billing information in QuickBooks financial software:

Use this option if you prefer to handle all vendor billing tasks in your financial software. This is the default setting for new Point of Sale users.

- The vendor billing fields (payee, terms, bill date, invoice/reference #) are NOT available on the receiving voucher form in Point of Sale

- All vouchers are sent immediately to QuickBooks as item receipts

- When the billing information is received from the vendor, enter it in QuickBooks and the item receipt is converted to a bill in Accounts Payable

If the vendor billing information received and entered in QuickBooks includes charges or adjustments not entered on the original voucher in Point of Sale, such as a freight charges, discounts, or fees, there will be a difference between the documents in the two programs unless you also edit the voucher in Point of Sale to add these items.

If you elect to enter billing information in Point of Sale:

This is the default setting if you have upgraded from a version of Point of Sale prior to 5.0. If upgrading from Version 5.0, your prior setting is retained.

- The vendor billing fields (payee, terms, bill date, invoice/reference #) are added to the receiving voucher form in Point of Sale

- Receiving vouchers are sent to QuickBooks in different ways, depending on whether billing information (Invoice/Ref#) has been entered:

- If billing information is received and entered when the voucher is initially created, the voucher is sent directly to Accounts Payable as a bill. No general journal entry is created.

- If billing information is not initially entered, the voucher is sent to the Unbilled Purchases liability account and a general journal entry is made. Later, when the voucher is edited in Point of Sale to add billing information, the voucher is sent a second time as a bill to Accounts Payable and removed from the Unbilled Purchases account.

- If the Already Paid check box is selected (meaning you have prepaid the vendor for the merchandise), the voucher is sent as an item receipt whether billing information is entered or not. No general journal entry is made. You should manually apply the previously made amount to the item receipt in QuickBooks.

Fees and Discounts on Vouchers

If a voucher with unspread fees and/or discounts is sent to Unbilled Purchases, the fees and discounts will not be taken into account on the initial general journal entry. Instead, the final bill sent to your financial software (once an invoice for the voucher has been received) will be adjusted to reflect any fees or discounts. If you spread these amounts over the item costs, the amounts are reflected in the net item costs.

Note: If you send detailed item information to QuickBooks financial software, individual items will be listed on the QuickBooks document created However, information on General Journal transactions created for vouchers where billing information has not yet been entered never show individual items.

You can use these links for more information:

- You can view the specific document or journal entry created In QuickBooks for a receiving voucher via a link in your Point of Sale receiving history list.

- Read various ways to customize Financial Exchange

Overview: How QuickBooks handles Point of Sale data