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How to Handle Discrepencies between Receiving Vouchers and Bills in QuickBooks Point of Sale
Published 12/17/2010 | 
I have a question about QuickBooks Point of Sale. How do I handle discrepancies between the $ amount on the voucher and the actual invoice? This can (and has) happen due to rounding. ie- I had a vendor with an item cost of .8725 (really), and the way point of sales rounded this was different than how it was calculated on the vendor invoice. Not a large amount different, but different. My assumption is I would add an additional line for the amount difference when I enter the bill. Is this correct?
If you enter it only in QuickBooks, make sure to use a COGS account. Otherwise it’ll sit in inventory forever because POS transfers its calculated average cost from inventory to COGS only when an item is sold. Also keep in mind that if you don’t correct QucikBooks POS, your COGS and inventory numbers are never really accurate in either program. The only time they would be is once all the items are sold. But you actually have to get down to 0 on-hand for average costing to completely re-set. This doesn’t happen very often because most retailers never want to completely run out of stock.
Copying the old receiving voucher first makes it a little easier to correct in QuickBooks POS. Just remember to reverse the old voucher too, otherwise you’ll overstate your on-hand quantity and inventory balance.
Written by +Ruth Perryman, CMA, CFE, CFM, MBA
Ruth is the president of The QB Specialists, Inc. and has provided QuickBooks help to thousands of businesses around the world since 1996. She is an Intuit Solutions Provider, an Advanced Certified QuickBooks ProAdvisor, and a member of the Intuit Trainer/Writer Network. She is also certified in QuickBooks Point of Sale and QuickBooks Enterprise Solutions.
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