Entering Inventory Invoices - Progress Payments
Hi,
We have situations to make payments to inventory purchases prior to the inventory receipts. As a result we enter the invoices only after the inventory receipt so that our inventory is correct.
This is creating differences in our Trade creditors reconciliation - as MYOB doesn't update the sub-ledger balances for the payments.
I am sure this is a very common situation.
What is the best and normally accepted way to handle this situation?
Thanks
Yoga
Hi Yoga1
Thanks for your post. If I understand correctly you are ordering inventory items and paying a deposit prior to receiving those items. If that is correct then you could record Purchase Orders when you order the items, enter a deposit against those orders and when the items are received convert the orders to invoices.
These help articles will guide you through this process:
Please let me know if you need further help.
If my response has answered your enquiry please click "Accept as Solution" to assist other users find this information.
