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Hi There, I am new to MYOB nd need some help. I have a businesss that buys and sells products but do not carry stock and as such do not need inventory management. Products are despatched directly from my suppliers. When I enter a sale for a customer should I be generating a purchase order for the products from my supplier or can I just print a packing slip and email that directly to supplier? Obviously if I generate a purchase order I know what has been ordered and from whom but how do i deal with purchase afterwards. AFter i has been delivered to my customer. Regards
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Hi Alan @AlanB12345
If it were me I would do as you suggest, I would generate a Purchase Order which can then be converted into an Invoice(Bill) when you receive the invoice from your suppliers.
And as you say it will keep a record of the orders you have made
When setting up your inventory just tick the "I Buy This Item" and "I Sell This Item' boxes
Hi Geoff, thanks for the reply.
When you say convert it to a bill does that finalise the order on that side of it or do I need to do something else with it. When I pay my supplier invoices i do so at the end of the following month as a bulk payment for all the orders i placed in the previous month. Do i need to reconcile this payment against all the outstanding bills for the previous month.
Yes it finalises the Purchase Order. Nothing else needs to be done.
What I do is when I receive an invoice from the supplier I convert the Purchase Order to a Bill. But not until I receive an invoice from a supplier
I then request a statement from the supplier, and reconcile the Bills against their Statement and only then do I pay the total of the reconciled Bills.
The rule I use is "no Bill no payment" I reconcile their statement against the Bills in my system to make sure I have received all the invoices from the suppliers, if their invoice is not there I ask them for a copy. Nothing worse than getting a "pay or else" from a supplier because you have not received an invoice from them
Alan I hope this helps you.
It does help, thankyou very much.
Can I ask you another question regarding the purchase order and customer invoice.
Normally we send a packing slip to our supplier when we enter the sale from the customer.
Can this be done after entering in the purchase order and contain the order number or are the two
When you raise you invoice for the sale, include the Purchase Order Number on the invoice and when the packing slip is printed it will also have the Purchase Order Number on it.
Can I generate the sale as an order first and then convert it into an invoice ?
Or Do I just enter it in as a sale and then add the purchase ordr in later ?
Yes you can generate a Sales Order first and then add the Purchase Order Number later on, or you can do it the other way around. It really is a please yourself exercise as all you want to do is get the Sales into your books.
I actually enter the Sales Invoice first and if I then get a Purchase Order Number, amend the invoice and reprint it, thus ensuring I do have the Sale recorded and reflected in the Accounts Receivable Report. I never use the Sales Order facility as I find it is something else I have to keep an eye on.
My rule is keep it simple.