Quickbooks and payment before delivery

[duncan drennan]

This is a question for the QuickBooks gurus. I'm running QB 2003.

What is the best way to capture a payment which is made for stock items before delivery?

Quickbooks has three options which are

1. Receive items and enter bill (bill and items received at same time)
2. Receive items (items received before bill, enter them into stock)
3. Enter bill for received items (enter the bill for items already received)

Now what is missing from that list is "Pay for items not yet received." Any suggestions?

[Dave A]

Open a customer account for the debtor.
Use the customers>receive payments option to capture the payment received.

As you have not generated an invoice as yet, the customer's account will be in credit.

Now, when you are ready, you can generate an invoice in the normal fashion. However, the payment received won't be linked to the invoice as yet.

Run the receive payments option again - you will see the invoice and there will be a credit to allocate.
Select the invoice that needs the payment matched to it by clicking anywhere in that line.
Click the set credits button below the list of invoices, allocate the credit against the invoice, and save. Basically you are saving a nil payment transaction, but it matches up the payment and invoice, thus clearing the transaction from the open invoices list.

[Marq]

I don't do stock so assume Dave has given you the goods on this one.

[Dave A]

Oops - reread the question. I'm assuming you've made the payment and expect to receive the goods.

You can do it this way.

Open the register for the bank account you've made the payment from.
In the payee field select the suppliers account
In the account field select accounts payable
The other details in the transaction are pretty simple common sense.

When you get the bill, capture it in the normal manner. Now all we need to do is match off the payment against the captured bill.

Select the Suppliers>Pay bills option.
Tick the bill to be paid.
Click the Set credits button and allocate the payment against the bill.
Save.
Essentially you are making a nil payment, but matching up the bill with the payment already made.

[duncan drennan]

Thanks Dave! That sorts it all out.