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:
- Under File –> Preferences –> Company or for pre-POS 10.0 users, Edit –> Preferences
- You need to go to “Receiving” on the left side panel.
- 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:
- 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.
- Select the vendor you are receiving the merchandise from.
- Click on “Billing Info”
- Record the “Invoice No.”, Bill Date, Payee, invoice Due and fill out the terms.
- 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.
- 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.
- Click on, “Close”.
- Now the receipt voucher will create a bill in QuickBooks financial the next time you update you complete a financial exchange.
- 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.