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Inventory Received Not Billed account
I have an "Inventory Received Not Billed" liability amount on my Balance Sheet and my accountant does not like that. I am wondering if this account should always be $0.00?
For example: You create a PO for 1 widget @$100, you receive the PO for 1 widget @$100, and it puts the $100 in the "Inventory Received Not Billed" account until the bill arrives in the mail. We then enter the bill for 1 widget @$100 and that zeroes out the "Inventory Received Not Billed" account. I am assuming this is how it is supposed to work?
The problem we have run into is that my employees won't always match the item receipt to the PO. Meaning that this will happen:
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