Receive Bill without Inventory

• ADMIN RESPONSE

  Aug 16, 2020

  Hi Craig. It is unlikely we will build a workflow for this out of the box. That said, there is a well used process in place by our partners and community, and is also particularly useful for your purpose, or when shipping and foreign currencies are at play.

  Please confirm with your bookkeeper or accountant before implementing as we cannot give accounting advice, however this is the basic flow.

  1. Create a current asset account eg Pre-orders, goods in transit etc..

  2. Assign your payment (eg via the cheque form) to this account, with the bank account for the cheque being where your payment funds came from.

  3. When the goods arrive, create the bill to receive the stock and reduce the balance of the bill with a negative of your CBD payment.

  Alternate method

  1. Create a bank account (which is a current asset in accounting terms) eg Pre-orders, goods in transit etc..

  2. Assign your payment (eg via the cheque form) to this account, with the bank account for the cheque being where your payment funds came from.

  3. When the goods arrive, create the bill to receive the stock, and pay the bill with this bank account.

  Again please check with your bookkeeper or accountant to ensure you are capturing GST/payments at the correct time / dates.
  

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