Applies to: Office Accounting Professional
If you use stock products, it is important to record them into Microsoft Office Accounting 2008 as soon as they arrive, so they appear as stock on hand and can be sold. Using the Goods Received Note form, you can record the products into stock, even if you haven't received a final purchase invoice from your supplier.
The goods received note is unique in many ways:
The goods received note can be the first step in the purchase flow or the result of a purchase order.
Goods received notes adjust stock quantity and cost, so the products are available for resale.
The goods received note is a financial transaction, but because the purchase invoice from the supplier hasn't arrived, it posts the liability to pending goods received notes rather than the purchase ledger. This means that the supplier balance isn't changed by receiving products.
A goods received note can be created from a purchase order but it should only reflect the actual products received if the quantity differs from what was ordered. A purchase order can be received in one or more deliveries (for example, if only part of the order arrives), so you can create multiple goods received notes from the same purchase order.
You can create a purchase invoice from a goods received note. This will void the goods received note and create a purchase invoice in its place with the correct cost for each product.
Goods received note postings
As indicated previously, the goods received note is a temporary document to ensure that the financial stock and physical products in stock are accurate from the moment when the products are received until the moment the purchase invoice is issued.
The goods received note will:
Debit the stock asset account with the quantity and cost of the products net of VAT.
Credit the pending goods received notes account for the net amount on the goods received note.
Note that even though the goods received note contains VAT amounts, no VAT postings are made. It is not permitted to deduct VAT until a proper VAT invoice is received from the supplier.
The function of the pending goods received notes account is to capture the liability incurred by the receipt of the products, without affecting the aging and balance on the purchase ledger for the supplier.
The audit trail for the sample Goods Received Note form is shown in the following figure.