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Financial Cut Off - Goods in transit

  • 30 March 2021
  • 4 replies
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  • Jr Varsity II
  • 100 replies

Hi 

Now we having the below problem. Not sure if anyone can help to solve it or give any suggestion.

For Inbound shipment - We always based on receiving date to book into system instead of invoice date .

The standard entry  as below as per accumatica entry that receiving inventory into system

DR Inventory

CR PO accured

DR PO accured

CR Account Payable.

 

Currently, as our financial cut off date will be on 31 Mar 2021.

Which mean we need to book in the inbound shipment as per invoice date for 31 Mar 2021 instead of receiving date . 

Example: Invoice date : 31 Mar 2021.  ETA factory is 3 April 2021.  Inventory qty : 1000pcs  Value : USD1000

We have to enter above invoice on date 31 Mar 2021 , however the inventory is not yet arrived factory yet so we should part under “Goods in transit “ instead of “ Inventory”

May i know anyone know how to do this kind of transaction ?

 

 

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Best answer by mvolshteyn 30 March 2021, 13:47

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Userlevel 5
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You can check the ‘Allow AP Bills Before Receipt’ check box for the vendor, which will allow you to enter AP Bills directly from a purchase order (without having to wait for receipt)

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Hi 

Thanks for the email

I go through the vendor , there is no a box for us to selec the “ Allow AP Bill before receipt” Not sure if you are able to screenshot the page?

 

Thank you very much

Userlevel 5
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It is on the Purchase Settings tab, see attached

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Why not just have two date fields available?

 

One the posting date would make the accounting entries

Two a document date would be used for aged creditors etc and so a notional date?

There are many occasions where you want a different posting date to the invoice date and this seems a bit lacking that you can’t enter both…

 

Malinda

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