I see, thank you for confirming.

QB really needs to have two actions that can be done from a PO - (1) Create a bill and (2) Create Item receipt.

Currently, I am doing the following:

1) Book the bill when received.

2) At month end, check if there are bills recorded with inventory order still in-transit.

3) Post a journal to transfer the value of in-transit inventory, from the Inventory account to the In-transit account.

Is this a sound practice.