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What is ‘Unbilled Purchases’?

Unbilled purchases is a liability account in Quickbooks Financial. When you create a receiving voucher in POS and do not enter an invoice # and invoice date on the voucher, the entry goes to Financial to increase the Inventory Asset account for the amount received and increases the Unbilled Purchases account, since there is no “bill” received from the vendor. When you receive the invoice, update the voucher with invoice # and date, the entry to Financial decreases the Unbilled Purchases account and increases Accounts Payable, creating a bill to be paid.
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