Use Item Receipt when you receive items and wish to update your inventory quantities prior to receiving a bill from the vendor. The account balances, inventory quantities and dollar value will be updated with the values entered in the item receipt.
When you receive the bill, you can use the Select Item Receipt option in the Bill application to generate a vendor invoice and then make any necessary changes to accurately reflect the vendor charges.
To enter an Item Receipt, complete the following steps:
Access the Item Receipts application from the Financial/Inventory menu and click on New in the Item Receipts List screen to enter a new transaction.
The Account will default from the Company Setup Item Receipt AP Offset account.
Select the Vendor from whom you received product and press Tab. As you enter a Vendor in the Type-Thru drop box, the system will find the best match. You can also click on the down arrow at the right of the drop box to display the full list of vendors. Scroll down the list until you find the desired vendor and click to retrieve it for the item receipt.
After you select a Vendor, the Date will default to the current business date and the Terms will default to the Vendor's Default Terms. Upon Save, the Due Date will be calculated using the Document Date and the Terms.
Optionally, you can select a Class or enter a Description of the expense that will provide information to other system users or a Reference number that ties the bill back to the vendors system.
By default, Active will be checked. If you uncheck the Active field, the bill will not update the inventory balance or have any impact on your company's financials and the receipt will not be available for selection in the Bills application.
Fill in the item receipt detail lines. You may enter expense transactions, transactions with an account, but not inventory item and item transactions. You must have an Amount for expense transactions and an Amount, Quantity and Cost for item transactions. You can enter as many transaction details as you need.
Optionally, you may select a Class, Customer (if the expense is related to a specific customer), 1099 Box or enter descriptive text for each transaction in the Memo field.
If the expense is taxable, check the Taxable field at the end of the transaction line.
Click on Save to save the item receipt.
Once the item receipt has been processed in the Bills application, the item receipt transactions will display with the Closed field checked.