Accounting for WordPress
If your vendor requires an advanced payment or deposit for inventory items Bizuno has a process to properly account for such cases. The basic premise is to create a new purchase to an Other Current Assets account and pay your vendor off of that invoice. Then create a Vendor Credit Memo offsetting the deposit and leave it open until the product arrives. Once the product arrives, receive in the Purchase order and post the purchase. Next, close the purchase by applying the new purchase to the Vendor credit.
This technique also works for partial deposits or down payments. Bizuno will track all transactions and you will have a detailed record of activity and a timeline tracing back from the original PO to the final payment.
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