Hi all! How is it possible to correct some mistakes made when invoicing were done?? Settings of Item A Costing Method = FIFO Base UPM = FT Purch. UOM = M ( 1M = 1000 FT) Unit cost= 0.08824$ Standard cost = 0.073$ Last direct cost = 49.10768$??? Average cost = 49.10768 ??? 1. Create a PO for item A with Quantity = 70 2. Receive 70 M ( ON hand I have 70000 FT which is good) 3. Invoice 70M BUT at 49.10768 which is wrong When I check my inventory valuation report, it told me that my inventory value is (70000* 49.10768 = 3437560 $) instead of ( 70000* 0.0882 = 6176$) > How can I update my average cost and my last direct cost??? How can I update my accounts too because everything is posted through GL now.??? Thank you for help.
If I understood correctly you are using FIFO costing method. So Average Cost has nothing to do with this. What you mean with PO is Purchase Order, didnt you? If this is the case then just Post a Purchase Credit Memo /for the item and quantity you need to correct/ and apply the entries to the Receipt ones. Run the Adjust Cost - Item Entries and Post Inventory Cost to G/lL batches and you are settled. Since you didnt mention which version of Navision you are using the second option of the aboves might not be available. Another way to correct it is to use the Revaluation journals and correct just the wrong entry. It might be a good idea for you to take a look at the Navision core manuals and Navision Training Courses and manuals.
Hi Tatiana Have you matched up the purchase invoice and run the inventory periodic batches, to adjust the cost entries and post inventory to GL. This will push through the actual costs to the GL which uses the unit cost for transactions up until this point.