{"id":4720,"date":"2014-01-17T08:29:30","date_gmt":"2014-01-17T06:29:30","guid":{"rendered":"http:\/\/www.officetodo.com\/public\/?p=4720"},"modified":"2014-01-12T08:30:19","modified_gmt":"2014-01-12T06:30:19","slug":"should-i-account-for-goods-without-an-invoice","status":"publish","type":"post","link":"https:\/\/www.officetodo.com\/public\/should-i-account-for-goods-without-an-invoice\/","title":{"rendered":"Should I account for goods without an invoice?"},"content":{"rendered":"<p><span style=\"font-size: medium;\">Initial response is always \u201cno\u201d. Why would you? Accounting for something without a source document is firstly not allowed by most regulations and secondly, how do you know if the supplier is shipping them with correct prices and if quality is important, how have they measured the quality etc. You shouldn\u2019t account for goods without an invoice.\u00a0<!--more--><\/span><\/p>\n<p><span style=\"font-size: medium;\">As the real life comes to intervene, sometimes you need to. Let\u2019s say that it\u2019s a material you use in your production and you need to start producing or you wont get your orders fulfilled to your customers. In a situation like this you do need to account for the material.<\/span><\/p>\n<p><span style=\"font-size: medium;\">Or say that your customers are ligning up to buy the goods you\u2019ve acquired from your supplier, but as it happens, they\u2019re not currently \u201cin stock\u201d in your accounts. Are denying a sale? No, you\u2019re not. As such, again, you need to account for the goods.<\/span><\/p>\n<p><span style=\"font-size: medium;\">In any other situation, apart from those where you need the goods to make a sale happen, I strongly suggest you don\u2019t account for the goods until you\u2019ve received an invoice. Without an invoice your supplier cannot also ask that you pay anything, correct? So why would you account for a liability. Do pay some consideration on the shipment terms here however. If the risks and rewards have been transferred, it\u2019s probable they\u2019re your goods.<\/span><\/p>\n<p><span style=\"font-size: medium;\">Something to also note, since it\u2019s you who needs the goods (provided it\u2019s a correct shipment and you ordered it), you can also contact the supplier and be annoying enough so that they send you the invoice as soon as possible.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Initial response is always \u201cno\u201d. Why would you? Accounting for something without a source document is firstly not allowed by most regulations and secondly, how do you know if the supplier is shipping them with correct prices and if quality is important, how have they measured the quality etc. You shouldn\u2019t account for goods without [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[25,31],"tags":[],"class_list":["post-4720","post","type-post","status-publish","format-standard","hentry","category-1-basic-accounting","category-1-3-inventory"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/4720","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/comments?post=4720"}],"version-history":[{"count":1,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/4720\/revisions"}],"predecessor-version":[{"id":4721,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/4720\/revisions\/4721"}],"wp:attachment":[{"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/media?parent=4720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/categories?post=4720"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/tags?post=4720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}