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Inventory received not Billed significant but No Purchase order to bill!!!
hello all,
I have a question to you all:
My "Inventory Received not billed" account (liability) amounts to $75,000 but we have no inventory on hand (closing company), and have no purchase orders to bill. My guess is that this account represents now the accumulated differences between Item Receipt Amount (PO amount) and the bill amount.
Does that mean that our PO's were always more than our bills??? I would not see the reason why??
do I debit Inventory Received and Billed and credit invenotry, or do that have to hit a COGS account to reverse it?
Thanks for your help all!!!
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