Hello I'm not quite sure how to record the following transactions - what is the concensus of opinion please.
I have received a purchase invoice dated in advance of the goods received.
The stock system records the goods in on the 15th, the PI is actually dated the 3rd (presumably when the goods were ordered).
If I post the PI as the 3rd the expense will recorded earlier than the stock asset is brought in, and i really really don't want to have to worry about mid month adjustments for goods received but not billed.
So can i (should i even?) manually adjust the invoice date to the 15th and post the invoice on to sage as the 15th so that the increase in stock valuation matches the recorded expense exactly. I wont be claiming VAT early so no HMRC problems and no mid-month timing adjustments would be needed.
Secondly, when should this invoice be settled - 30 days after the 3rd, their invoice date or 30 days after the date the goods were received (as our customers usually do to us)
Or does custom dictate that i ignore the 30 days terms and treat it as 30 days net!
You should always use the `Invoice Date`, in your case that will be 3rd. You could query the date with your supplier and have them re-issue the invoice with the 15th, the date the goods where recieved.
30 days settlement would be from the `Invoice Date`unless you have alternative payment terms with your supplier.
