Pricing Items on a Receiving Document

Before you begin selling items that you’ve received, you should price them. This process updates the last cost and next cost for each of the items that have been received.

To price items on a receiving document

1. Select PO & Receiving from the Inventory menu. The PO System screen appears.

2. Click the Receiving Documents tab.

3. To display receiving documents that include unpriced items, select the status Received (Un-Priced).

4. Select the receiving document that includes the items you want to price and click Price. The Vendor Invoice screen appears.

5. Update the receiving date, default due date, discount date, and reference number, if needed.

Note: Depending on how the system controls are set, you might be required to add a reference number if you haven’t already.

6. If you need to update the prices (your cost) for any items, click Edit Prices. Then type the new amounts on the Vendor Invoice Price Editing screen. TireMaster automatically recalculates the extended prices along with the total and discount amount.

7. Complete the following payment information:

To pay with cash, type the amount of the cash payment in the Cash field.

Note: If you pay the entire amount, the amount in the Charge field is recalculated to zero when you complete the order. If you make a cash down payment, the amounts in the Charge field and the Discount field are recalculated.

To charge the total amount of the vendor invoice, leave the amount in the Charge field alone.
To change the number of payments, select 1, 2, 3, 4, or select Define and type the number of payments.

Note: This setting affects the number of entries that post to the vendor’s accounts-payable ledger.

8. If you entered a shipping charge when receiving the items, identify the freight vendor by clicking and selecting a name from the list.

Note: A vendor charge (for the amount entered when you received the order) posts to the selected vendor’s subledger and the general ledger’s freight account.

9. To finish pricing the items, click Complete. One of the following happens:

If you must pay the entire amount at one time, the vendor invoice appears in the Report Window.
If you can make multiple payments to the vendor, the Vendor Payment Schedule screen appears.

10. Accept or change the payment amounts and dates. Then click OK. The vendor invoice appears in the Report Window.

Note: The totals of the Payment Amt and Discount Amt columns must equal the payment and discount amounts on the VID before the order can be priced.

11. Print the vendor invoice. The status color for the receiving document changes to gray in the S column of the Receiving Documents tab. The vendor invoice document for the completed order is also displayed on the Historical Vendor Invoices tab.