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Buyer bought goods on acc from supplier on 1/7 but only received half of goods on 10/7. Is the goods that were not received recognize as payable? why?

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Question ajoutée par Kyle Lee
Date de publication: 2018/04/05
Nathan John Banda
par Nathan John Banda , Consultant , A&R Project Management and Business Solutions

A purchase is noly recognised once a service or goods have been delivered, therefore, the good that were not received will not be recognised as a payable.

Mohamed Kattan
par Mohamed Kattan , Senior Accountant Treasury , Cleopatra Hospital

the not recived goods will not recognize as payable till delivered

Nikhil Ravindran
par Nikhil Ravindran , Accountant , AL HABTOOR MOTORS (Bentley Emirates)

You may pay for goods before you actually receive them. In addition, you may receive an invoice for undelivered goods.You need to know how to account for these expenses. If you track payments and invoices for undelivered goods properly, you will always know where you stand financially. You have two choices for how you go about accounting for money you owe for goods you haven't received

Patrick Zimba
par Patrick Zimba , Administrative Accountant , Indeni Petroleum Refinery Limited

in this case the purchase order can have all the quantities indicated but when paying the accounta payable will check the goods received note (GRN) for how many goods was received and the invoice and pay the number of items received. The goods not received are not payable untill they are received at stores and a GRN is issued.

Rubeena Muhammed
par Rubeena Muhammed , Assistant Accountant , Prime Value General Trading LLC

because half only he received the balance not treated as payable because he not received the half.

Brian Okoth
par Brian Okoth , Accountant , Grams Medical Clinic

They cant be treated as payable since they were not received. The supplier is supposed to write a credit note to the buyer for the half of the goods

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