UK Accounting for goods purchases and ownership taken but not yet delivered

[angenoir]

My organisation wants to buy some goods but we have no capacity to have them delivered to us this year.
So we would like to place purchase orders now, have the seller hold the goods for us for some months but we would take ownership and risk for the goods. The seller would also invoice us now, but payment will take place upon delivery at a later date.
Upon delivery some months from now, we would pay for the goods.
How should we account for this in our books?

 

[kirby]

same as if items were delivered to you and then you had the seller warehouse them for later delivery. Per agreement goods are now yours. so record them and record the liability for payment. AND record the estimated cost if seller is going to charge you for storage AND you better tell your insurance company that you have assets offsite and make sure they are covered by your insurance in case something happens to them.

 

[Snorbenz]

Unlike, of course, your business in "cash accounting" in which case the VAT will be accounted for when you pay for the goods.