Clear item receipts in a closed period

[Jean Ammons]

How can I clear some item receipts that were posted to prior closed periods
with out changing prior months financials? The invoices for these item
receipts were paid without matching the bill to the item receipt and
therefore we have recorded cost or expense twice. I have made current month
journal entries to clear the double expense and the journal entry clears the
balance due to the vendor but the items still show when I look at the vendor
detail. On vendors with little activity it is easy to match the JE to the
IR, but with our major vendors that is hard to do.

Jean

[QB_Guru_Amy]

Hi Jean! I'm personally not that familiar with Journal Entries.
However, you might be able to find some help on the QuickBooks
Accounting forum:

http://www.quickbooksgroup.com/.ee8e2eb

Good luck!
Amy

[Phil Marcuson - Certified QB ProAdvisor]

I hope you've had this answered already, but if not:

Restatement:
To make sure I understand: An entry to Receive Items was created.
Afterwards, a Bill was created, but it did not use the Enter Bill for
Received Items option. This bill has been paid. All entries occured
in a previous "closed" period with the exception of your correcting
Journal Entries.

Assumptions:
I am assuming you are Receiving an inventory item to which posts in the
Inventory Asset account upon receipt. I am assuming the items and
accounts have been linked properly.

Answer/Suggestions:
You are GAAP compliant to reverse the second Accounts Payable entries
with a new Journal Entry in the current period (with good notes in the
memo field to explain what happened). The other side of the
transaction should be the double posted Inventory Asset account unless
it was incorrectly entered with another account.

Unfortunately, an entry is an entry and it just won't go away unless
you delete them (bad). Item Receipts are an entry, ableit weird ones,
since they not only increase the Inventory Assets but also Accounts
Payable even without a true bill. Although it is not "cool" to go back
into closed periods, I'd say this is an occasion where what you should
do demands it. Here is how and why:

How:
1. Go back and check the checkbox for "Bill Received" in the Item
Receipt entry (previous closed period). This will change it into a
bill. Save & Close. You'll need admin or closed period priveleges to
do this.
2. In the "Pay Bills" screen, apply the credit created by the
correcting Journal Entry (current period) to that bill and then Pay &
Close.
Suggestion when doing this: Make notes in the memo areas to explain
the reason for "closed" period changes in the audit trail.

Why:
This will clear the Item Receipt and the Journal Entry from the A/P
reports and the vendor's Open Balance reports. All entries will still
show in the transaction detail reports as they should.

Let me know if you have any problems with this.

Phil Marcuson
Certified QuickBooks ProAdvisor
https://intuitmarket.intuit.com/QBA/ReferralDB/ReferralDataBaseMemberView.ASP?PartnerID=XNHJBJ4SQ45X8J0KRMHGF730QA500439

If this information helpd you, please rate it accordingly. Thanks.

On Sep 24, 12:41 pm, "Jean Ammons" <jamm...@signcraftersusa.com>
wrote: