A receiving voucher in POS is used to update the Average Unit Cost, Order Cost, and On-Hand Quantity of items received that are not on a purchase order. How receiving vouchers should be used depends in large part on how POS integrates with your GL accounting software (typically, QuickBooks Pro, Premier, or Enterprise Solutions).
POS has a setting that determines where you enter vendor billing information: in POS or QuickBooks itself. By default, POS is configured for you to enter vendor billing information in QuickBooks rather than POS. In other words, the Enter vendor billing information in Point of Sale is not checked. If you are not using QuickBooks of if you prefer to enter receipts in POS, you can change this preference. A screenshot from the Edit->Preferences->Company window is shown below.
If this preference is not checked, vendor billing fields will not appear on voucher forms.
Here’s a portion of the New Receiving Voucher window where the preference Enter vendor billing information in Point of Sale is not checked:
And here’s that same area with the preference box checked. Note that Billing Information can now be entered in POS.
Next, you need to consider whether you’re integrating POS with QuickBooks at all. POS is not a general ledger program, and therefore doesn’t produce financial statements. Since most businesses require financial statements and recognize that an integrated solution is the best approach, integrating POS with QuickBooks is the most common configuration.
When you run QuickBooks with POS together, your inventory is not synchronized. You should use POS to manage inventory items and use QuickBooks itself to manage and pay vendors.
Entering a receiving voucher in POS will always debit your inventory asset account on your QuickBooks general ledger. Other accounts affected depend on your preference setting for Enter vendor billing information in Point of Sale discussed above and on the values you enter on the New Receiving Voucher window if that preference is checked.
If the Enter vendor billing information in Point of Sale preference is not checked, POS will credit your AP account and increase the vendor balance by the amount of the receiving voucher.
If the Enter vendor billing information in Point of Sale preference is checked, the entries that POS makes depends on whether billing information (i. e., Invoice/Ref #) has been entered in POS. If billing information has not been entered, POS credits the Unbilled Purchases liability account; the vendor balance is not changed. If billing has been entered, POS credits your AP account and increases the vendor balance by the amount of the receiving voucher. Similarly, if billing information is not entered when the receiving voucher is first created but is entered later, POS debits the Unbilled Purchases liability account (reversing the earlier entry), credits AP, and increases the vendor balance by the amount of the receiving voucher.
If the Already Paid checkbox is checked, POS sends the voucher to QuickBooks as an item receipt. POS credits AP and increases the vendor balance by the amount of the receiving voucher. Presumably, a payment has already been recorded in QuickBooks (which is why the receiving voucher is Already Paid).
If you’re an existing business with inventory on hand setting up POS for the first time and you have already used QuickBooks financial accounting software to record at least some vendor purchases for that inventory, we recommend that you first get your retail inventory accurate in QuickBooks itself before using POS to record live data or checking the Use with QuickBooks Financial Software preference in POS. Once you turn that preference on in POS, you won’t be able to manage retail inventory in QuickBooks. Any changes you make to inventory in POS will affect vendors and AP in QuickBooks. Even if you record transactions in POS with that preference turned off and later turn it on, those transactions will be exchanged with QuickBooks. That in turn will modify vendor balances and AP in QuickBooks. For an existing businesses with at least some inventory, it’s far easier to get inventory balances and balance sheet account balances correct in QuickBooks and then turn on the the Use with QuickBooks Financial Software preference in POS.
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I use Point of Sale and QBooks Enterprise together. When I receive items in POS they come up in Enterprise as Parts not inventory. Why ?
Not all receive vouchers are coming over from QB POS V11 to QB Premier 2012. Only 2 vendors are coming over. Compared vendor info from other 5 vendors, same fields filled. all vendors are received in POS and update at EOD. Any suggestions?
Very quick reaction: these problems tend to be related to vendor, item, or account setup. If you’ve compared vendor info, try receiving the same item that works for 1 vendor but doesn’t work for another. To narrow your problem, you have to make as many variables the same and only change 1. If you have multiple items with unique info received by multiple vendors, you have too many moving pieces to make progress troubleshooting the problem.
Thanks. That is what I’m doing. I’m creating a new vendor to test with. Maybe delete old vender info and recreate. Maybe just create, test, then merge.
how do i apply a credit once a receiving voucher has been generated so my inventory is adjusted accordingly?
Are you referring to credits to customers, as in a merchandise return of inventory, or are you referring to what is an inventory adjustment, where some of the received merchandise is not going to be added to inventory? In either case, both transactions should impact inventory once they’re posted.
I am working in Consulting And Engineers company. where we are Sending invoices to our Client.
So, How i’ll make the Entries once i’ll send the Invoice to them in Quickbook.
Your question doesn’t apply to POS. Using regular QB, you use the Create Invoices function to charge your clients for services. QB will automatically create the entries for the invoices you make.