Comments on: Closing a Partially Shipped Purchase Order in QuickBooks

By: Charlie

Charlie — Wed, 30 Nov 2011 19:54:04 +0000

Heather, a PO isn’t a financial transaction so it shouldn’t affect your financials. On the surface, I would say that you need to talk to the Rapid Inventory people first, to see if their product is looking at PO’s and doing something behind the scenes. I’m not that familiar with Rapid Inventory so I can’t say if that is the root of the problem or not.

By: Heather

Heather — Wed, 30 Nov 2011 19:44:30 +0000

I am trying to close out old POs that will not be received on further. Many of these open POS are old, and in some cases, the PO may have been partially received. Others may not be showing as closed, but we’ve received all of the parts against this PO. When we went to clean up the open POs and close them by selecting the “Closed” box at the bottom of the PO, something happened and all of our prior financial statements changed. Changes were in the inventory accounts and in COGS. We use Rapid Inventory in conjunction with Quickbooks.

Do you have any idea why this error may have occurred?

By: Charlie

Charlie — Wed, 19 Oct 2011 22:26:09 +0000

Glad I could help, Naomi!

By: Naomi Bettencourt

Naomi Bettencourt — Wed, 19 Oct 2011 21:07:36 +0000

Thank you, all I needed to know was that I could checkmark an line item to close it. The smallest things can give you a headache if you don’t know the answer. Very helpful!

By: Charlie

Charlie — Wed, 02 Jun 2010 20:35:35 +0000

Kim, I’ll give you a very short answer at this point. In general, don’t change a non-inventory part (expensed immediately) to an inventory part (expensed when you sell it) as that will dramatically affect your finanical statements. The results are usually very bad, although there are times when you can do that. Create new inventory parts…

By: Kim

Kim — Wed, 02 Jun 2010 20:26:58 +0000

We currently only purchase items for a specific order by customer and therefore for the last 5 years all of our parts/items are set up as non-inventory parts but are posted to a COGS account. We don’t generally need to keep track of them other then for items that we have received at the end of a financial qtr and have not yet billed out for. This is currently manually calculated.

We are considering changing all of our items to inventory parts in order to work better with Connectwise and Quosal. What are the consequences of doing so (how will it effect past reports) and is there a better option (such as creating all new items rather than changing the existing ones)?

Thanks in advance!

By: Yvonne Leiser, CMA

Yvonne Leiser, CMA — Tue, 01 Dec 2009 00:42:50 +0000

Topic: Recording Business Purchases with Personal Funds
(I’ve answered this question several times on the Intuit Community Forums.)

Thanks,

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Mon, 23 Nov 2009 21:21:14 +0000

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