Subcontract (How to receive material without jobwork)?

I have a scenario, that if I send some Raw Material outside the premises for Sub-contracting purpose.
Means I am sending X and Y and vendor will give me Z. Also I have a defined BOM of Z where X and Y are child. Now if the vendor send us the material back without jobwork, then what is the process to receive the raw material back?

Make a Stock Entry directly with Purpose=“Material Transfer” from Supplier Warehouse to your warehouse.

What about the report? Is there any report to see the pendency of the material lying with the vendor.
Because at the time of inventory valuation, we will also be doing valuation for the item lying with vendor and belongs to us.