What Is an Item Receipt in Quickbooks?
By David Roberts
When a company receives a shipment of inventory, it might not include an invoice but rather a bill of lading which details the items shipped and the cost. QuickBooks calls this an item receipt.
Finding the Item Receipt
The QuickBooks home page screen does not show an entry for "Item Receipt". When you click on the "Receive Inventory" icon, a small window with two options will open. The first option is "With a Bill" and the second is "Without a Bill". If the inventory was shipped only with a bill of lading, click on the second option.
Entering the Item Receipt
The Item Receipt screen is identical to the Enter Bill screen except for the bold letters under the Customer's name field which read: "Item Receipt Only". Enter the items received in this shipment under the "Items" tab. If these are items are already included in your item list, you won't have to create a new item. Enter the quantity received and assign the item to a customer if it is part of a special order. If not, leave that portion blank.
Some shippers may take a week or longer to send an invoice for inventory delivered. The item receipt must be created so that your company's inventory can be as current as possible to facilitate tracking and selling those items.
David Roberts has been writing since 1985. He has published for various websites including online business news publications. He has over 11 years experience in tax preparation and small business consultation. He is also a Certified Fraud Examiner. He received a Master of Business Administration from Florida Metropolitan University in 2005.