Create a Pro Invoice for Inventory Effortlessly

Pro invoice for Inventory

welcome to brando consulting my name's lance and we're going to go over reconciling in fishbowl reconciling is the process of entering the vendor invoice into fishbowl so surprise accountants and bookkeepers you will no longer enter the vendor invoice into quickbooks for inventory related purchase orders you will now enter vendor invoice into fishbowl so let's take a look at an order that has been received and it's reconcile it my first recommendation is do not use the buttons on the right you don't have control over entering the invoice date or number use the reconcile button on the top left hand corner do not use the fulfill button it does not let you go through the reconciling steps so we'll click on reconcile in this first screen you can enter the vendor invoice number you'll enter the vendor invoice date you'll edit costs if necessary sometimes that happens the amount we put on the purchase order is not the amount the vendor charged us then we click next screen we add shipping charges we'll click the plus sign search for the shipping charge enter the shipping charge and we have this little check box here 99 times out of a hundred will leave this check box usually the vendor charges us for shipping and includes it on the invoice very few of my clients uncheck this box case you're wondering if this box is unchecked then once this transaction flows through to quickbooks the shipping charges will be included in a separate journal entry a part bill and that journal entry will just be a debit to expense and a credit to shipping accrual if this box is checked shipping will be included in the bill and shipping expense will be debited and there will be a credit to payables along with everything else on the bill so we've entered our shipping charge we click ok click next here fishbowl gives us an option to land the shipping costs what that means is the shipping cost will be rolled up into the value of the inventory and an additional journal entry will be added to the same transaction it'll be a credit to shipping expense notice before we just debited shipping expense now we're going to credit shipping expense and debit inventory that's what happens when you land the cost we debit expense and credit payables and then when we land it it credits expense shipping expense and debits inventory so it all goes into the inventory account when we're done now this is optional there's a setting up here you can turn off to make it default differently so it does not calculate the landed cost in this example we're going to calculate the landed cost using the most popular option the cost option so i'll click next now you'll see here we have the cost that we're on the purchase order the cost that were on the invoice and then finally the cost that will be added to the costing layer in fishbowl and the total amount that will be added to inventory here's our total value of inventory received if this number three thousand two three hundred and twenty nine thousand seven hundred fourteen seventy five if this does not match the amount on the vendor invoice then click back and make the corrections necessary if this does match the invoice then we're done okay so now once we click finish it's going to change these to blue check marks and this transaction is queued up and ready to go to quickbooks on the next export to quickbooks this will delete the item receipt in quickbooks and create a bill in quickbooks so once again once this transaction flows through to quickbooks it will delete the item receipt that was originally created and it will create a bill in its place so thank you for joining us today with brando consulting a quick and simple overview of reconciling