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Inventory Received Not Billed as a Liability? - HELP!
I met with my accountant yesterday and she see's this account called "Inventory Received Not Billed" under my "Other Current Liabilities" on my Balance Sheet. We think we understand what the account does as we read the "Accounting for Received Purchase Orders" help guide.
It is showing as $57,0000 under "Other Current Liability" on my Balance Sheet. Also on my Balance Sheet under "Current Liabilities" is $22,000 in Accounts Payable. So the Balance Sheet is saying I owe $79,000 ($57,000 + $22,000)!??? I am assuming this $57,000 is for items I have received into my inventory but have not yet received a bill for in Netsuite. Is that right? If so, how can I find out what items I haven't paid for?
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