How do I enter a bill from a vendor for an inventory item without increasing the inventory asset account value because I have received and entered the item prior to bill? Inventory purchased from vendor is received, entered and sold before the vendor invoice is received and entered as a bill. Once inventory is received and quantity adjusted up, inventory asset account value increases by the cost designated. The vendor’s invoice is received and entered days later for the same product and increases inventory asset account value by same amount which doubles value.

QB Issue Resolution:

desktop has an item receipt which allows you to receive the item and then the bill days later, for some reason when they programmed QBO they did not include that function – you can not receive an item and not affect the total inventory value (even using an item receipt – items purchased have a value)

So in QBO you have to make a decision, do not receive the items until the bill arrives,

or

enter a “best guess” bill to stock the items that came in, then when the bill does come in, edit the best guess version and pay it when ready.

Resolution for Issue 'How do I enter a bill from a vendor for an inventory item without increasing the inventory asset account value because I have received and entered the item prior to bill? Inventory purchased from vendor is received, entered and sold before the vendor invoice is received and entered as a bill. Once inventory is received and quantity adjusted up, inventory asset account value increases by the cost designated. The vendor’s invoice is received and entered days later for the same product and increases inventory asset account value by same amount which doubles value.' available: Yes (Solved).
Source: Intuit Community forum.

How do I enter a bill from a vendor for an inventory item without increasing the inventory asset account value because I have received and entered the item prior to bill? Inventory purchased from vendor is received, entered and sold before the vendor invoice is received and entered as a bill. Once inventory is received and quantity adjusted up, inventory asset account value increases by the cost designated. The vendor’s invoice is received and entered days later for the same product and increases inventory asset account value by same amount which doubles value.: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.

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