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V8 - Recording purchase order prepayments

Prepayments on purchase orders can be handled using either of these options:

Option 1

Add the PO in SOS Inventory or QuickBooks Online.
Sync to bring the PO to QuickBooks Online.
In QuickBooks Online, add a vendor credit for the amount of the deposit.
1. For the Ref no., give the same reference number as the PO.
2. In the Account details area:
  1. In the account details, enter the account you are paying from.
  2. In the amount, enter the amount of the payment.
3. Save.
When the items are received, convert the PO to an item receipt in SOS Inventory.
Sync SOS Inventory to QuickBooks Online for the bill to be created in QuickBooks Online.
Make the payment for the bill in QuickBooks Online.
Apply the vendor credit to the bill.

Option 2

In QuickBooks Online, create an "other current asset" account called Prepaid inventory.
Sync SOS Inventory to QuickBooks Online to bring the account to SOS Inventory.
In SOS Inventory, create an expense item called Prepaid inventory deposit.
1. The expense account of this item will be the Prepaid inventory asset account created above.
Sync SOS Inventory to QuickBooks Online to sync the item to QuickBooks Online.
Create the PO in SOS Inventory or QuickBooks Online.
1. Add the items you are purchasing from the vendor.
2. Add the Prepaid inventory deposit item to the PO.
  1. In the Qty column, enter 1.
  2. In the Unit price column, enter the amount of the deposit as a negative number (example: -245.95)
3. Save the purchase order.
In QuickBooks Online, add a vendor check.
1. In the Bank account, select the account from which you are paying.
2. Complete the Item details area.
  1. For the Item, enter the Prepaid inventory deposit item.
  2. For Qty, enter 1.
3. Save the vendor check.
When the item(s) are received, convert the PO to an item receipt in SOS Inventory.
Sync SOS Inventory to QuickBooks Online for the bill to be created in QuickBooks Online. The bill will be for the amount of the items, minus the deposit.
Make the payment to the bill in QuickBooks Online.

edit_noteNOTE: If preferred, the Prepaid inventory deposit can be added to the item receipt when it is created instead of the purchase order.

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