Open Forum

  • 1.  Blanket PO's

    TOP CONTRIBUTOR
    Posted Sep 21, 2021 04:40 PM
    Hello,

    We have been working with PO's for quite some time but don't have a lot of experience in Blanket PO's. We are trying to create a blanket PO where we can spend no more than $100,000 in 1 year. Everything I read says you need to enter quantities in the blanket detail section. If I enter an invoice for $1,000, the line closes. I was hoping to see the PO reduce the value and show $99,000 left to be invoiced. Can someone please help me understand if this is possible with GP and what my options are? Thanks! ​

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    Amber Schmoll
    Accounting Supervisor
    Milk Source LLC
    Kaukauna WI
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    Academy - Online Interactive Learning from Experts


  • 2.  RE: Blanket PO's

    Posted Sep 22, 2021 08:33 AM
    @Amber Schmoll I don't know if it's the correct way to do it, but for our blanket POs we receive in the $100,000 of item A and then I can match the $1,000 invoice and future invoices without issue.  The PO doesn't close because not all of the items have been invoiced.  We usually have more than one item on a PO, so I don't know if that makes a difference, but we receive in all the items from the start.

    We also have a bulk PO inventory GL account setup for these so that it doesn't distort our real inventory numbers.  We only use this for nuts & bolts sorta things, so the value is nominal, but still nice to keep separate as a tab of where that's at.  This is our 1st yr doing this, so we'll reconcile and return everything unused before yearend so we have real numbers, but it's definitely helped with the tediousness of receiving receiving in 300 screws of 10 types, 4 times a month.

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    Kristy James
    Financial Controller
    Dairyland Electrical Industries, Inc
    Stoughton
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    Academy - Online Interactive Learning from Experts


  • 3.  RE: Blanket PO's

    TOP CONTRIBUTOR
    Posted Sep 22, 2021 09:54 AM
    @Kristy James I wonder if my issue is because we are creating a Shipment/Invoice in the receipt screen. We don't want to receive and then create an invoice separately since we don't have receiving paperwork. I'll have to test that out. Thanks!​

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    Amber Schmoll
    Accounting Supervisor
    Milk Source LLC
    Kaukauna WI
    ------------------------------

    Academy - Online Interactive Learning from Experts


  • 4.  RE: Blanket PO's

    Posted Sep 22, 2021 12:10 PM
    @Amber Schmoll we receive everything initially without the physical receipts at the time of the bulk PO creation.  With your example, we'd have $100,000 on the PO which is immediately received in (Debit Inv, Credit Accr Purch $100k).  Then we can enter-match the $1000 invoices throughout the year as the invoices actually arrive (Debit Accr Purch, Credit AP $1k).  So instead of creating the PO and immediately receiving it and immediately invoicing it, ​​we wait for the actual invoice to enter-match the invoice to the items we previously received in.

    If you are entering the PO and then fully receiving and invoicing the entire amount of the PO, yes, that will close the PO.

    If you know the QTY that you're going to receive each time, another option would be to have numerous line items on the PO.  Then you can receive & invoice one line at a time and the remainder of the PO will stay open.

    I don't know if how we do it is best (probably not) but it seems to work for us.  I'm happy to discuss further with you if you'd like to have a quick call.

    ------------------------------
    Kristy James
    Financial Controller
    Dairyland Electrical Industries, Inc
    Stoughton
    ------------------------------

    Academy - Online Interactive Learning from Experts


  • 5.  RE: Blanket PO's

    TOP CONTRIBUTOR
    Posted Sep 22, 2021 01:28 PM
    @Kristy James this is very helpful. Thank you!​

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    Amber Schmoll
    Accounting Supervisor
    Milk Source LLC
    Kaukauna WI
    ------------------------------

    Academy - Online Interactive Learning from Experts


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