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[Christine Polifka]

Hello everyone,

Is there a way to unpost/ reverse out posted Invoice with a Purchase order and receipt?

I was told this is not an available transaction for GP 2016

Anyone have come across this or have a suggestion of handling this I appreciate your assistance.

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Christine Polifka
BIG KAISER Precision Tooling Inc.
Hoffman Estates IL
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[Shari Bruno]

Hi

Is this a Standard or Drop Ship PO??

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Shari Bruno
Accounting Operations Manager
Bible League International
Crete, IL
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[Samantha Higdon]

Hi ,

Is it just the invoice that needs reversed or are the goods going back to the vendor as well?

if the goods are going back, have you tried a return with credit transaction?  That’s assuming of course that your inventory from that PO has not been consumed (sold, put on an MO, run through an assembly, etc.).

The return with credit transaction (Purchasing>>Transactions>>Returns Transaction? Entry) will take the goods out of inventory (because presumably they are being sent back) and create a credit memo that would theoretically be applied against the related invoice or kept on account for application against the vendor account at a later date.

If the  goods aren’t going back, and it’s a situation where the invoice just doesn’t have to be paid for some reason (lucky!), then you may be able to just do a credit memo for the invoice.

I may be oversimplifying the question so feel free to provide more details or set me straight on the situation. 🙂

Thanks,

Samantha

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Samantha Higdon ,CPA,CGMA
Consultant
Lagom, LLC
Carmel IN
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[marlas Stinson]

Can you explain to me the difference between invoice and receipt?
 This review for example

https://differencebtwn.com/difference-between-invoice-vs-receipt
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marlas Stinson
Noca+
??????
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[Christine Polifka]

Please see below – the receipt that I was referring to is Order receipt of delivered goods

There are three documents that are integral for managing payments through accounts payable: invoices, order receipts, and purchase orders. Below, we’ll touch on each of them and their significance to the matching process:

• Invoices: An invoice, in either paper or EDI form, constitute a request for payment from the vendor to the buyer. Invoices include necessary information to facilitate the sale, including a unique invoice number, vendor contact details, applicable credits or discounts, and the total amount due.
• Order Receipts: As a proof of payment, order receipts are included with delivered goods to detail which goods have been included in the shipment as well as the payment method.
• Purchase Orders: A purchase order (PO) is the official confirmation receipt of the order sent to the vendor from the buyer. This document is used to authorize the purchase, and it includes a PO number, payment information, and descriptions of the goods or services sold as well as the quantity.

To ensure that every order is complete, 3 way matching of invoices highlights discrepancies or inconsistencies between any of the critical documents listed above.

In the event that issues or errors are detected, such as an incorrect price or a damaged product, payment will be withheld pending a reconciliation of the issue and the invoice has been validated via 3 way matching.

Prior to being fulfilled, accounts payable scrutinizes the details of each of the three documents-invoice, order receipt, and PO-to verify that the product received matches what was ordered via the order receipt.

From there, the order is then verified, via the invoice, to ensure that the product received matches what the buyer is charged.

I hope this helps.

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Christine Polifka
BIG KAISER Precision Tooling Inc.
Hoffman Estates IL
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[Shari Bruno]

Hi

There is a way to return inventory, or return a PO when it is entered as a Drop Ship, in GP2016R2. It’s under Purchasing>>Transactions>>Returns Transaction Entry. This will also give you the option to return with a credit if the vendor has issued a credit memo for the return.

If the item(s) on the PO were receipted to inventory on a Standard PO and processed as a Shipment/Invoice? or just Shipment:
For this option the Type on the Returns Transaction Entry window is Inventory (or Inventory w/credit).
If the PO receipt was processed just as Shipment you may have to void the Enter/Match Invoice transaction separately.

If the item(s) on the PO were receipted as Drop Ship (non-inventory) through Enter/Match Invoice:
For this option the Type on the Returns Transaction Entry window is Return (or Return w/credit)
You can also void the transaction and skip the Returns Transaction Entry process but that depends on the other parts of the PO, such as landed cost.

I am happy to answer other questions on these processes, just let me know.

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Shari Bruno
Director of Accounting Operations
Bible League International
Crete, IL
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