Can someone explain to me the purpose of the Cost Amount(Expected) filed in Value Entires table please? How this is calculated and what are the expeted G/L entires when Consumption and Output is posted?
We’re using NAV 5.0 and in Inventory Setup - Automatic Cost posting and Expected Cost Posting is already setup.
I can’t figure out what this is and the the use of this field in inventory valuations. Please help
Firms may want to post expected cost to Interim accounts , to get an estimate of the cost of the received items before receiving actaula invoice.
How to Post :
By placing a check mark in the Expected cost posting field In the Inventory setup.
With this opetion when you run the Post I.Cost to G/L or Automatic cost Posting the program posts the expected cost values to Interim accounts .
When ti completely invoiced and runs the Post –Inventory cost to G/L the program posts Balances to Interim accounts and posts the Actaul accounts (inventory accounts to G/L
If u want to know that entries check the Posted receipt - click Navigate.
Hi reema, Thanks for the reply… I’ve noticed that once the output is posted, in the inventory an interim account gets debited and another inventory account gets (WIP)credit with the expected cost amount. What does this mean in an accountants point pof view? What does this interim account represents in an accountants world? I need this calrified please.
Interim is something received or shipped but not invoiced. These entries in NAV always gets reversed when a posted purchase receipt or shipment is invoiced or after finishing a production order.