There is one set of transactions that can easily be backdated or forward-dated coming from Fishbowl Inventory: multiple receipts against a single purchase order.
QuickBooks is very date sensitive. My rule for inventory bill dates in QuickBooks is that the bill date should always equal the receipt date. Yes, I know with date-driven terms you might pay the bill a day or two early or late. Just override the due date on the QuickBooks side or adjust your terms so that Net 30 days is really Net 32 in the due-date calculation.
The same is true for Fishbowl receipts.
How Fishbowl Receipts/Bills Work
When you receive an item into inventory, Fishbowl sends an item receipt to QuickBooks. When the receipt in Fishbowl is reconciled, Fishbowl sends a bill to QuickBooks and deletes the original item receipt. The date on the bill is user entered and can be completely different from the receipt date.
In this example below, Fishbowl will delete the item receipt dated November 23, 2011 and replace it with a bill dated September 17, 2012. It is therefore imperative that users be trained to enter the bill date as the receipt date. It is more common for there to be a difference of just a few days, which can be crazy making if it’s month end.
Multiple Receipts Against the Same Purchase Order
When you have multiple receipts against the same PO, the previous receipts’ bill date and bill reference number are “sticky” and pre-populated when you first come into the receiving screen. What should happen is the person doing the receiving should remove the old bill number and date from their respective fields before saving the receipt. Below is an example of what happens when you do not erase those fields.
The result in QuickBooks below is an item receipt dated September 4, 2012, when the goods were actually received on September 17, 2012 with a reference number equal to the prior bill.
After reconciling this receipt to the proper bill date and bill reference number, the transactions are as depicted below.
Notice the correct bill number and date are now in QuickBooks as a bill. If these transactions were in different months, it would be very frustrating having balances change after publishing financial statements. The good news is that it is only an adjustment between a current asset and a current liability account with no profit and loss impact, but it is frustrating for some.
You will notice on the “Export – Purchase Order” sample included above we list both the transaction date and the posting date. You can also filter by posting dates equal to this month and transaction dates prior to this month to help you identify wayward transactions.
Recommended Month-End Receiving Procedure in QuickBooks
This should be standard practice in QuickBooks whether or not you are using Fishbowl. Using the “Vendor Balance Detail” report as the starting point, filter for transaction type = Item Receipt and a cutoff date equal to the end of your accounting period. Hound those vendors for the bills until all are reconciled. Then publish your financial statements.