Enter and pay bill without receiving stock

We often purchase items from suppliers which require repayment. This means entering and paying the bill prior to receiving the stock, then remembering that you don't have it. It would be better to have the facility to select "stock not received" and apply the stock when you receive the delivery docket.

ADMIN RESPONSE

Dec 17, 2020

Hi Sandra. There is a well-established process for this amongst our bookkeeping partners as it's a common occurrence when ordering from overseas.
Essentially you pay the funds (from your bank account in Reckon) into an account (in Reckon) such as "Goods in transit" > this is often a pseudo bank account so that when the goods do arrive you pay the bill (that includes what was actually invoiced, not ordered) with that "Goods in transit" bank account. As you know, a bank account is essentially a current asset account on the balance sheet.
Please seek further clarification from a qualified BAS agent or accountant as the process varies from business to business depending on your business and tax structure.

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Enter and pay bill without receiving stock