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Receive Item function only available on Financio Premier.
In everyday business situations, sending and receiving orders for items (inventory) is very common. However, there are also situations where the business receives items before a bill is issued for an order. Similarly, there are also situations where ordered items are received in stages and the bill will only be issued/ released when the order has been fully received. Here’s how you can record Receive Item (in advance) in Financio:
There are 3 ways for you to get to the purchases receive item page in Financio.
Note: Ensure you have activated the inventory tracking for your product.
Create Receive Item (Method 1)
- Go to Purchases >Create New
- Select Receive item
Create Receive Item (Method 2)
- Navigate to Purchases > Purchases List
- Click on Add New > Receive Item
Create Receive Item (Method 3)
Alternatively, you can also create Receive Item from the Purchase Order that you have created. Here are the steps for creating Receive Item via Purchase Order.
- Open the approved Purchase Order that you have created.
- Click on the three dots icon as in the image below.
- Select Copy To > Receive Item
On the Receive Item page:
- Fill up the purchase order info:
- Select the supplier*
- Delivery date
- Purchase order number*
- Address (contact address and shipping address)
Note: If you are converting it from an approved PO, these details will be transferred over to the Receive Item page automatically.
- Fill up the item's details:
- Select the currency
- Item: Select the product that you buying
- Quantity (total ordered quantity)
- Receive (Add the quantity of the received item)
- Unit Price*
- Amount (automatically populated based on the unit price x quantity of the received item)
Once you have recorded and approved the Receive Items, you can go back to the Purchase Order that you’ve created and you will be able to see the Receive Items Transaction and the Balance to Receive quantity.
Next, Financio will also automatically capture and update your inventory stock accordingly to the items received.
For example, as I have added Received Items earlier (40 units of handbags), the Quantity in the inventory has been updated to 40 units as well.