Question

Which of the following is the correct sequence of steps using QBO to record inventory purchases? Multiple Choice Purchase Order > Bill > Pay Bills. Purchase Order > invoice > Recelve Payment. Poy Bilis > Invoice > Recelve Payment. Bill > Purchase Order > Imvoice.

Answer 1

In QuickBooks Online, the order to follow for recording inventory purchases is to create a Purchase Order, then register the Bill upon receiving the items, and finally use the Pay Bills function to complete the payment.

Step-by-step explanation:

The correct sequence of steps using QuickBooks Online (QBO) to record inventory purchases is Purchase Order > Bill > Pay Bills. This process begins with creating a Purchase Order (PO) to place an order with a supplier. Once the goods are received, a Bill is created to record the financial transaction that will affect accounts payable. Finally, when the bill is due, the Pay Bills function is used to settle the payment, reducing accounts payable and affecting cash or bank balances.

Answer 2

The correct sequence of steps in QBO to record inventory purchases is: Purchase Order > Bill > Pay Bills.

Step-by-step explanation:

Purchase Order > Bill > Pay Bills

In QuickBooks Online (QBO), the correct sequence of steps to record inventory purchases is to first create a purchase order to track the items you plan to purchase. Once you receive the items, you will create a bill to record the purchase and the amount owed. Finally, you will pay the bills when the payment is made. This sequence ensures accurate tracking of inventory purchases and payments.