Sign Illinois Banking Purchase Order Template Online

Industry sign banking illinois purchase order template online

quickbooks online 2021 purchase order form otherwise known as a po form let's get into it within two it's quickbooks online 2021. here we are in our google search page we're going to be searching for quickbooks online test drive then we're going to select the quickbooks online test drive for intuit once again it's going to ask us if we're a robot i'm starting to think i am a robot you know why else would it ask me this so many times but i'm going to say no anyways even though i'm starting to think maybe maybe i am a robot note that one reason i'm going to keep on logging in is to just show that we'll use the free sample file number one and number two that if we make any transactions into this file in a prior presentation if we log back in then it should kind of reset itself so that i want to show it from a kind of a clean slate as if you're going to start and remove yourself from each presentation then go back into it if you like take a break and come back into it and then basically the data will be reset to the prior point so we'll be having as similar a data point as possible whenever we start each presentation so we're in the craig's design and landscaping service practice file here we're going to be continuing on with the items within a vendor section so we're looking at the items in the vendor section the primary items we looked at where the bill and then the pay bill that being the primary kind of cycle within the vendor section we're going to take a look at checks a little bit later but now we want to add into the mix what if we have the inventory involved in this so now we're going to add the inventory the inventory is going to include possibly a purchase order depending on the type of business and the type of inventory and process we are using to do this once again i'm going to go over to the desktop version just to see the flowchart i just want to look at the flow chart over here so we have our flowchart up top now if we don't have inventory turned on like for the desktop version or if we didn't have inventory you could just visualize these items that we went over in the prior two presentations as your primary basically accrual cycle process meaning once again if you do not have inventory you'd be paying off basically your normal expenses by either entering a check type form or expense type form which will be decreasing the checking account directly other side going to like the expenses or you'd be running through accounts payable entering the bills which would then increase the accounts payable and record the expense at that point and then print a check or expense type form which is going to be a pay bill type form decrease in the accounts payable the other side then go in uh to the checking account decreasing at that point now if you have inventory then we have this added kind of row up top that you can basically visualize and that starts with the purchase order the purchase order is something that not all businesses will have and it's a little bit confusing to think about this is the one form that basically when we write it out there's no effect on the financial statements there's no financial transactions there's no impact on the balance sheet and the income statement which is different than just about any other form that we're going to be looking at the forms are usually the data input point for which you know the transaction will be recorded in the system by by quickbooks the journal entry will be recorded two accounts at least will be affected the double entry accounting system will be happening purchase order not the case what is the purchase order then we're going to be requesting inventory from say a vendor and if we're imagine let's imagine we're going to be quest requesting inventory like coffee cups from our company in china let's say and we're just going to be requesting the coffee cups now normally if you were an individual and you were going to be requesting something to be purchased say online from something like amazon or some online retailer you would be paying at that point in time at the time you request the purchase with a credit card typically and then you would be shipped the information now at that point in in that case you would have a financial transaction because you paid for it at the point in time that you requested it even though you had not yet received it if on the other hand uh and it's often the case that if you're a company or a business to business type of entity the purchaser may have more control over the situation in some cases in other words they might be able to request uh in our case coffee cups maybe to be shipped to us without first paying for them then we're going to receive the coffee cups and then we're going to basically pay for them at the point in time we receive them so that's a little bit different than what we're used to in an individual type of transaction so in that case that's what the purchase order is doing we're going to say hey look we want this many coffee cups we want them shipped to us and then once we verify that that you know the shipment lines up to what our purchase order is then we'll then we'll pay it so that means that we want to track the purchase order because that's the request for the inventory but there's no actual effect on the financial statements there's no effect on the on the balance sheet or the income statement because one we haven't received the inventory and two we have not yet made a payment and then what's going to happen is we can imagine we receive the coffee cups in our in our warehouse with a bill attached to it they're going to say okay now pay us we give you the coffee cups give us our money and so now we're going to enter the coffee cups increasing the accounts receivable at that time and then the accounts payable typically and then we're going to go ahead and pay them off in our normal kind of bill pay process meaning at the point in time that we receive the inventory we will then be in the same process in essence as if we entered the bill down here and then we can basically sort the bills and then uh pay the bills now if you're in a situation where you are paying for the in for the merchandise like you are buying from amazon or some online retailer at the point in time you request the goods then you're basically going to record it at the point of time at that point in time because you've already you've basically paid for it so they're basically kind of yours at that point in time so the purchase order would only be there for you know kind of larger companies that have they have the ability to to basically request the inventory without having yet paid for it so then if we go back on over to the online then so if we think about it uh here if we go to the new item we're thinking the process will be under the vendors section we're gonna have the purchase order no financial transactions gonna be related to it but then we're going to receive the inventory and once we receive the inventory we're gonna enter that uh with uh the builds because we're gonna receive it with the bill so those two things will kind of be linked in that case so let's open the purchase order and let's build one out just to get an example here so i'm going to hit the drop down i'm looking for something that would be relevant that purchasing someone that we would purchase from so i'm going to try down here hicks hardware so let's go to hicks hardware we're not going to have an email address but if we wanted to email the purchase order then of course we would need the email address up top the mailing address we're going to keep their shipping address i'm going to keep the current date 1 421 you have the shipping address not going to put anything to the ship via or sales rep and then i'm going to go down and notice we have two categories down here we've got the category detail and we're going to be down here in the items this is typically the category that will be used when purchasing you know inventory and we'll we'll talk more about that in uh future presentations this is kind of memorizing the last transaction for the last purchase order what i want to do is clear all these lines and i'm just going to add another inventory item so we'll just kind of make one up so that we can just see the example so i'm going to clear all these line items i'm going to make an inventory item and i'm just going to call it inventor inventory and then tab i'm going to set it up i'm going to set it up as an inventory item we'll talk more about how to do this in in future presentations so i'm going to go through fairly quickly here just to show the purchase order and then i'm going to say the quantity on hand i'm just going to say 100 for the quantity on hand the reorder point i'm sorry the as of date i'm going to say is january 1st 2021 reorder point i'm not going to have one the inventory asset account is going to be inventory so i'm just going to keep that as is the description i'm just going to call it inventory and and obviously in practice we would have a more specific inventory name what we're actually purchasing but we'll talk more about that tracking the inventory in the future and then the sales price or rate i'm going to keep blank and then i'm just going to add it when we enter the data into the to actual purchase order then it's going to be going to the income account of sales of product when we actually sell it but at this point in time we have a purchase order so we're going to be buying it and then the taxable at the standard rate so i'll keep that as is purchasing information i'm just going to say inventory again inventory and the cost i'm going to keep blank as well when we sell it we're going to expense it in the form of cost of goods sold we'll talk more about all that in the future when we when we get into the financial transactions you know step by step but i'm going to say save it and close it and there's going to be our inventory item i'm just going to put it on the books for 1 000 so 1 000 then down below we can add lines if we need to we can clear lines as we saw we have other messages for the vendor the memo and then we can add attachments if we need to down below we can cancel this we can clear this we can print this we can make it a reoccurring type of transaction and then we can of course save it down below i'm going to go ahead and save it and close it when i do there will be no effect on the financial transaction on the financial statements balance sheet income statement otherwise known as the profit and loss statement however we will be able to track whether or not we have received the purchase order once received once we have it in our warehouse then we can imagine a box of goods the inventory coming with a bill in it in the and that's when we record the bill so let's kind of imagine that process i'm going to say save it and close it and this is hix hardware right that's what we did so save and close okay i think it's saved there so then we can track it we can track the open purchase orders then so it's not going to affect the financials but i can go down to the expenses areas which is basically the vendor center where we have the two tabs the vendors and and the cut and the expenses up top we can then track our infant information on the expenses tab if we so choose by filtering up top and i might want to filter say by type and i might want to filter by the purchase orders for example and then apply that out and there we have our purchase orders we might want to look at basically the open purchase order so i might filter once again and we might say that we want the status to be open so we're looking for the open purchase orders and then say apply that out and then we have our purchase order so here's the purchase order up top we may also look for the purchase orders by vendor so we might then go to the second tab over here to the vendors section and say i purchased this from hicks hardware i think it was down to so right down here so here it is if i if i select that vendor then we should see the data related to them as well so there's going to be our purchase order down here now the next thing we're imagining is that this comes into our warehouse with a bill on it so we got the inventory box of inventory bill in it and then we enter the bill into the system there's a couple ways to do that let's see a couple i'm going to go back up top i'm going to duplicate the tab i'm going to right click on this tab up top we're going to go on down to duplicate so we have another tab that's going to be showing on the right hand side we can imagine that our box of inventory with that bill in it and we can then go in and say okay now we're going to enter the bill so i can go to the new tab vendors and we could say bill we're going to enter the bill now this is now bill doesn't mean we're billing the customer that means we're paying the vendor that's what quickbooks terminology is quickbooks terminology goes one way bill means that we're being billed by a vendor someone else is charging us for in this case inventory and then i'm going to type in hicks hardware and then when i say tab this thing pops up on the right hand side it's saying hey look uh you have you have this purchase order that that is linked to it do you want us to populate this bill is this what you're paying for is this the inventory that you got this is i'm paraphrasing what quickbooks is trying to tell us this is what it's trying to tell us is this the inventory that you got that you're trying to make the bill from do you want us to populate this bill from the information that you use to populate the purchase order and link them together we're going to say yeah that's what we want and if we're not sure we can open it up here we can actually look at that purchase order and say double check it but we're pretty sure because we just did it so i'm going to say add and then it's going to add that information so now we've got the mailing address for the bill the bill date and so on which is for me the current date and then down below we've got the 1000 for the inventory being purchased now normally it would be tracking down here as an inventory item as well i'm not sure the inventory settings are set up you know to have it tracked in in the in the practice version here so we'll look at it more when we get to the second half of the course but we can see we have the charge it's been populated for one thousand dollars for the inventory so i'm going to go ahead and say save it and close so we'll save it and close it and then i'm going to go back on over and uh and there and there we have it so now the bill has been paid paid we have the bill up top and then we have the purchase order that that we use to create the bill that's going to be the typical order we will have we'll have the purchase order and then we'll pay the bill now just note that i was going to show a couple ways if i go back to the vendor section and we look at those open purchase orders let's say let's say i go back to the expenses down here and then i'm going to go to the expenses tab up top and then we have this other purchase order the other way you can you can get to that bill is you can go to this open purchase order within the expenses and we could say hey i want to hit this drop down and i want to copy this to a bill directly so then instead of going to the bill and then saying enter vendor and then add it i can go to here the purchase order and then say copy it to a bill and then it'll generate it'll generate the bill with that information and you can see down here it populated properly with the the item being shown at the bottom so you can see the items showing and basically that link happening here so that's going to be it pulling over so i'm going to close this back out and you want to save it i'm going to say do you want to leave without saying i'm going to say yes and then that then should be what affects the the financials so if that if this one got recorded correctly it should affect the financials let's check out the financials just to look at that if i go then to the uh to the reports down below let's go to our favorite report that being the balance sheet balance sheet report it's one of our two favorites at least balance sheet in the income state ent i'm going to close up the hamburger i'm going to hold down control scroll up just a bit so we can see the information and we're in 2021 so that's when it got recorded so that should be it and you can see the inventory asset down below so inventory should be increasing you would think so we're going to increase that and i'm going to hold down control and scroll down a bit now and so there we have the uh the bill that came in so there's the one thousand dollars that's now increasing the inventory and note what it didn't do it didn't record an expense yet even though we entered the bill and oftentimes as we saw in the past when we entered the bill it would affect an expense account but now we have kind of a cr an accrual type of thing going on rather than a cash basis we got an accrual basis kind of thing that meaning that we're going to track the information when uh or we're going to record the expense for inventory when we actually use it to generate revenue in the form of cost and goods sold so that inventory complicates things a bit and it kind of forces us oftentimes to use an accrual basis method so and then i'm going to go back on over and then the other side is going to go into the accounts payable so if i go to the liabilities down here we got the ap accounts payable and if we select that item to drill back down on it then once again now we have the bill and the bill was generated from the purchase order so if i go into this bill we see the bill uh that was that was generated here and now it's showing that line item down here like it should with the inventory on the line item at the bottom it's also indicating this link over here to the and that's meaning it's it linked to something else in our case that link is drawing us to the purchase order so i'll scroll down that little link says it's drawn to the purchase order and then and notice things were not working correctly right there because i was zoomed out i was zoomed in to like 125 and i zoomed back in to 100 and then things looked correct now if i hover over this thing let's bring it down even a little bit further this thing if i hover over this thing now it does what you would expect it to do there's our link so sometimes you got to zoom in and zoom out a bit so it populates on the screen correctly because it's kind of a website page and then i can go in here and i can go to the purchase order and i can link back to that source document so you can see how they're all kind of linked together there so i'm going to close that back out and and then we'll close this back out or we can go back to the expenses and just note that uh if i go to the expenses tab up top and filter this i'm going to unfilter i'm going to reset and then i'm going to go back to the well i'll keep it at that apply that out and then the last two transactions we could see up top once again we've got we've got the purchase order that was put into place and then we've got uh the bill that was used to uh to enter the bill from the purchase order now to see this more more rows here more space you can close the hamburger when you're in this section and then i can scroll up a little bit we're back to basically a 100 you can see those two items here also note that if i go into this purchase order it now says closed the purchase orders closed up top and if i if i close this back out and if i was to sort then again filters and i want to assert by sort by the purchase order and i wanted to see just the ones that are open now and apply that out then that one is no longer there here's an open purchase order if i was to select the open purchase order and go back up top you can see the indication that it is an open purchase order