Written by Scott FairTuesday, 11 September 2012 20:11
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QuickBooks Enterprise 12.0 comes with a new feature, Enhanced Inventory Receiving.
So What is it?
There has always been an issue for users that order and receive items before the bill comes. In the past, you would create the item receipt ( which affected the Accounts Payable account), then converted it to a bill. If the bill did not match the item receipt, you had to edit it. A lot of double work.
Enhanced Inventory Receiving changes that. As the item is received, it increases the inventory, but does NOT effect the Accounts Payable (A/P). Instead it is put against a new Inventory Offset Account. When the bill is entered, it does not go against the items, but instead effects the Inventory Offset and the A/P accounts.
There are some things to consider:
Once the Enhanced Inventory Receiving is turned on, it CANNOT be turned off.
It will require an Item Receipt and a Bill for every inventory transaction.
If you are using a third party inventory software, you may NOT want to turn it on.
The program will produce a help menu advising of the pro’s and cons, and giving some guidelines as to whether you shoud activate this feature or not.
You can find information on this feature in the program Help, or the help menu will also open if you click the Enhanced Inventory Receiving “Enable” button under the Preferences.
If you have questions as to whether or not you should use it, I would suggest contacting us, or your accountant for more input.
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