Peachtree- Purchase / Receive Inventory

Purchase / Receive Inventory

Purchase receive inventory is used to receive the inventory from the vendors either against the purchase order or without the purchase order.

Following are the steps to record the purchase / receive inventory from vendor.

Step no 1. First of all go to task menu bar and click on “purchase / receive inventory”.

The following window will appear.

Step no 2. First thing is to enter the “Vendor ID” in vendor ID field. It is the ID of the vendor to whom from purchases have been made. When you select the vendor remit to field will show the detail of the vendor.

Step no 3. When user selects the vendor “Ship to” field will be filled with the address of vendor where from shipment received.

Step no 4. Enter the date of receiving the item in “Date” field.

Step no 5. Enter the invoice number in “Invoice no” field. This field is used to give a unique or different code to each invoice for identification and avoid repetition in issuance to the vendors.

Step no 6. Enter the customer invoice number in “Customer invoice no” field. It is the number of invoice sent by the customer against which the purchase is being made.

Step no 7. The “Term” field will be filled automatically when you select the vendor. These terms are payment terms and created when vendor account are created in maintain menu.

Step no 8. Select the method of delivery that how the goods will be delivered in “Ship via” field.

Step no 10. Enter the account payable ID or select it from the list of chart of accounts in the “A/P Account”. This is the account to which the amount due of the purchases will be charged.

When you will enter the Vendor’s ID, if there is any purchase order issued to that vendor than the below given tab “Apply to purchase order no” will also be enabled. Otherwise only the tab “Apply to purchases” will be enabled.

If you are receiving inventory against the purchase order issued to the vendor than the following steps will be followed.

Step no 11. Select the purchase order number from drop down list on the Apply to purchase order tab against the goods which are being purchased as shown in given below pictures.

Step no 12. When you select the purchase order number the remaining fields will be automatically filled.

Step no 13. Enter the quantity of items for purchase order in “Item” field.

Step no 14. Description of item will automatically fill as default in “Description” field.

Step no 15. Enter the “GL Account” which you want to use for this purchase. As default, the inventory account is selected in this tab.

Step no 16. Enter the per unit price of the item in “Unit price” field.

Step no 17. “Amount field” will automatically fill as you select the unit price.

Step no 24. Click on the “Save” button to save the transaction