QuickBooks for Mac 2014 User’s Guide 184
Hannah purchases her inventory
Start-up small business Hannah’s Illusion Supplies is
now set up for inventory, and Hannah’s on her way to
buy the stock for the shop.
Buy stock with cash
Hannah goes to McCormick’s Wand Supply and buys a
gross of wands. She pays McCormick’s with cash. Back
in her office, Hannah records the purchase in
QuickBooks by using Write Checks, and selecting her
Petty Cash account. There’s no need to print the check
as she’s just recording the cash transaction.
Order stock with a PO, receive
items and bill
Next Hannah creates a PO to order top hats from her preferred vendor, Wright Top Hats. When the items arrive
several days later, the bill is included with the top hats. Hannah knows that, back in QuickBooks, she’ll need to
record that items have been received and that a bill was included.
Later that afternoon she chooses Vendors > Receive Items and Enter a Bill. Now QuickBooks knows she’s received
the items and that she has a bill to pay. When she selects Wright Top Hats on the Enter Bills window, QuickBooks
tells her she has an open PO for this vendor. She selects the open Purchase Order and QuickBooks fills in all the
information from the PO on the bill.
Order stock with a PO, receive the items without a bill
After checking her cash flow, Hannah creates another PO for an order of rabbits from Carol’s Rabbit Hutch. Before
the rabbits are delivered, Hannah receives an email from Carol that she’ll be sending the bill later in the month.
When the rabbits arrive, Hannah knows she’ll need to create an Item Receipt as she doesn’t have the bill.
In QuickBooks, Hannah selects Carol’s Rabbit Hutch and uses the open PO to create the item receipt. When Carol
sends the bill, Hannah uses Vendors > Bill for Received Items to record it.
At the end of the month, Hannah uses Pay Bills to pay both Wright Top Hats and Carol’s Rabbit Hutch.
Next, I'm going to go into the details of what Hannah did when she stocked up.
To Next Page
Loading...