Consider including a tracking number so the buyer can track the shipment online. If you need to purchase small business inventory, you can convey what you want by creating a PO. You should make a copy of the PO you create and save it for your records. There are some business expenses that won’t necessarily…
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For this reason, buyers record purchase returns and allowances in a separate Purchase Returns and Allowances account. When the seller allows a discount, this is recorded as a reduction of revenues, and is typically a debit to a contra revenue account. For example, the seller allows a $50 discount from the billed price of $1,000…