Hello,
I do not keep inventory on hand, but purchase as I need it. I saw a similar post in the archives, and tried to follow it, but while the part goes into my inventory, I cannot seem to make the "balance" I owe tot he vendor go to $0, nor reduce the iventory when i add it to an order/invoice. Here is the workflow I did; maybe I missed something out?
1.) Created a part# for the part that I purchased (filled in list price, description, etc.)
2.) Created a Purchase Order
a.) filled in the quantity I purchased, the quantity received (which is the same as purchased), the unit, and the price
b.) I then save the PO
3.) Create Vendor Invoice
a.) Fill in part number, quantity, part number, and price
b.) Down at the bottom, I fill in payment information (date, source, amount paid, account payment was from)
c.) I then Post
4.) Create Sales Order
a.) Add part number, quantity sold, price charged
b.) I then Save
5.) Create Sales Invoice
a.) Created from Sales Order
b.) Post and send to client
After I create the invoice, if I look at "Goods & Services > Reports > Parts" and select the part I just added and sold from the list that comes up, it still shows that I have 1 item on hand. Even after an invoice is paid, the quantity on hand still does not go down.
I know I must be missing something, but I do not know what. If someone can let me know what the correct workflow should be, that would be appreciated. Alternatively, if there is a better way to do this, that would be appreciated too (maybe I don't have to do a PO since I do one-off purchases?)
Thanks, in advance, for your help.
-Alan
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