Entering Inventory Invoices - Progress Payments

[Yoga1]

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

[Tracey_H · Accepted solution]

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:

Enter a bill, quote or order 

Supplier deposits 

Changing the purchase type 

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.