If your current process is that the Invoice is entered at the same time as the Products are received, the correct procedure is below. Following on is the correction method in the event that dates need correcting or the stock was entered incorrectly.
- Manage Purchase Orders
- Select New\Receive at the bottom of the Purchase Orders screen
- Enter Supplier Account number. Click on the Select button
- Select Purchase Order Type (Job Management)
- Have you received the Suppliers Invoice? Yes
- Enter the Date on Invoice
- Enter the Received Date
- Enter in appropriate staff member into ‘Received By’ and ‘Ordered By’
- Enter other details as required
- If dates vary on the Invoice are in a different month to the date of receipt, you will be notified by a warning. Click ‘Yes’ to Proceed or ‘No’ to amend the Purchase Order
- Process the remainder of the Purchase Order.
Note: In the event that goods are received into a different month than invoiced, you will need to be aware that your COS Parts Figure will be inflated in your Profit and Loss and your Closing Stock will be less than it should be.
To correct this, reverse the Purchase Order as follows:
- Repeat steps 1-8 above – EXACTLY as they were entered originally (eg as in example above – Received Date = 16/05/2017 Date on Invoice = 30/04/2017
This ensures that the stock is put back into the correct period and the invoice is able to be recorded clearly in the correct month against the supplier. You may choose to add a note to the invoice or put CR in the Supplier Invoice# box as an internal reference.
- Enter the Order Qty and Receive as a negative – do not alter the rate by putting a negative in front.
- Finish entering the Invoice so that the only difference between the original and the fix are negative: Invoice Total, Order Qty, Receive, Extend, GST Exclusive, GST, GST Inclusive.
- Now you can enter in the Supplier Invoice in the correct manner. Repeat Steps 1-10 ensuring that the dates are now in the same period.
Run your Profit and Loss to check all figures.