Receiving new inventory in POS and paying it in QuickBooks 6

I often get questions about how to correctly receive in merchandise into QuickBooks POS in such a way as to easily pay the bill in QuickBooks financial. So here is the way to do it.

First of all, in the POS you will need to make sure that the “Enter Vendor billing information in Point of Sale” checkbox is checked. Here’s how:

  1. Under File –> Preferences –> Company or for pre-POS 10.0 users, Edit –> Preferences
    QuickBooks Point of Sale Preferences Company

  2. You need to go to “Receiving” on the left side panel.
    QuickBooks POS Receiving Options Enter Vendor
  3. Check the “Enter Vendor billing information in Point of Sale” checkbox.

If the checkbox is already set, then you are ready to receive in items:

  1. Create a receiving voucher either from a PO (recommended for better record keeping) or simply by scanning/entering the items in that you are receiving.  Do not forget to enter the cost of each item as you enter it to keep the asset value of your inventory accurate.
    QuickBooks POS Receiving Voucher Cost
  2. Select the vendor you are receiving the merchandise from.
    QuickBooks POS Enter Vendor

  3. Click on “Billing Info”
    QuickBooks Point of Sale Vendor Billing Info
  4. Record the “Invoice No.”, Bill Date, Payee, invoice Due and fill out the terms.
    QuickBooks POS Billing Info for Vendor
  5. If, like most retail companies, you don’t receive the invoice, then enter in the packing slip number for the invoice number so that you may have something to reference when receiving the actual invoice in, enter the bill date as the receipt date for this inventory receipt.  Select a Payee and leave the Invoice Due date to the default (the bill date) as this may be changed once the bill has been received.
  6. DO NOT CHECK the”Mark this voucher as already paid”.  Let the QuickBooks financial entry take care of this or you will not be able to assign it to the correct method of payment.  So even if you already paid with credit card, check, or cash, leave this checkbox cleared and in QuickBooks, you will be able to designate how it was paid.
  7. Click on, “Close”.
  8. Now the receipt voucher will create a bill in QuickBooks financial the next time you update you complete a financial exchange.
  9. Note that you can change the cost of these items in QuickBooks.  However, if you do, you will need to change the cost in QuickBooks POS by going to the POS Inventory Menu (from the Home Screen) and click on, “New Cost Adjustment”.

That’s it.  You should be set to pay POS bills from within QuickBooks financial software.
If you need any help with this, please contact QB Services at (952) 232-6388.


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6 thoughts on “Receiving new inventory in POS and paying it in QuickBooks

  • Lynette

    I am trying to figure out how to calculate sales tax paid to a vendor for purchases of inventory. I don’t see where to enter it in on the PO, the receive inventory or the pay bills. Is this something set up at the vendor level vs. the invoice level?

    • Jay Thompson
      Jay Thompson Post author

      Normally, you should not be paying sales taxes to your vendor for items that you resell. You should provide your vendor with a resale certificate from your state. Then you will not need to figure out the difference in sales tax owed (sales tax from purchase on purchase price plus the sales tax from the profit margin) as your vendor will not charge you sales tax.

  • Sam

    So…if I DO pay an invoice by credit card, and I DON’T mark it as paid, how DO I pay it in QB? The bill comes up as the Vendor I bought the merchandise from – but I actually pay the credit card company for it, not the vendor.

    • Jay Thompson
      Jay Thompson Post author

      You need to set up credit card accounts in your Chart of Accounts (ctrl+A) and then they will appear in your bill payment screen so that you can select it. When you set up a credit card account, you need to make sure that the “Type” is “Credit Card”.

  • Leslie Howard

    And if a customer routinely pays for goods at a distributor with a check or a company credit card, then takes the inventory back to the shop and enters the product into inventory? The field “Mark this voucher as already paid” is appropriate, but clients don’t know how to address the check/credit card entry needed in Quickbooks Financial.

  • Ron Garrick

    If I enter the actual invoice date in the “Bill Date” field, QB financial records the inventory addition and the account payable on the invoice date, while POS uses the actual date the receiving report was created. Thus, my inventory balance in QB financial and in POS are never the same???? Do others experience this issue?