We use Quickbooks Enterprise, and recently we received delivery of inventory items (qty = 96) against a purchase order, but the bill we received has the wrong quantity (qty = 116). We contacted the vendor and they shipped us the 20 missing items several weeks later; however they sent us an additional invoice for these 20 -- charging us for a total qty of 136 (116 + 20), although we only ordered and only received 116. Simple mistake on their part; we contacted them and explained the error; we will simply short pay the first invoice (only pay for what we actually received = 96), and then we'll pay the 2nd invoice for the 20 received several weeks later.
So they issued a credit memo against their first invoice; all of this makes sense to me. I've been told by a co-worker that I need to change our initial receiving record to reflect receiving the full 116 qty with a bill (for the initial delivery & invoice), then create a credit memo or negative invoice to match our vendor's credit memo that they issued on our account (for the 20 that were missing from the original delivery), and that way our invoicing will match our vendor's billing records; I've been told this is the correct way for general accounting, but it seems wrong to me; it seems this transaction series will be be recording inventory levels inaccurately. Should we really be making these changes, or do we have it correct already???
So they issued a credit memo against their first invoice; all of this makes sense to me. I've been told by a co-worker that I need to change our initial receiving record to reflect receiving the full 116 qty with a bill (for the initial delivery & invoice), then create a credit memo or negative invoice to match our vendor's credit memo that they issued on our account (for the 20 that were missing from the original delivery), and that way our invoicing will match our vendor's billing records; I've been told this is the correct way for general accounting, but it seems wrong to me; it seems this transaction series will be be recording inventory levels inaccurately. Should we really be making these changes, or do we have it correct already???