From the course: MYOB AccountRight 2013 Essential Training

Unlock this course with a free trial

Join today to access over 22,400 courses taught by industry experts.

Types of purchase transactions

Types of purchase transactions

There are three types of purchase transactions, which can be created in AccountRight Live. Quotes, Purchase Orders, and Bills. Quotes are estimates that are received from a supplier. A quote has no impact on inventory levels, and can be changed to an order or a bill when it is ready to buy. Purchase orders can be created using supplier and order quantity details. These are saved, but are not recorded as financial transactions until the goods are received. If the purchase order includes a deposit, payment for a transaction will appear in the purchase journal. Bills result from actual purchases. They are recorded with the details of the purchase from the supplier invoice, and can be created before or after the goods or services are actually delivered. Stock levels and accounts are updated when a bill is entered, including the debtor's account. An open bill is one that is not yet paid. A closed bill is one that has been paid in full. When purchase transactions have been entered into…

Contents