How to adjust PO invoice amount after it is posted

Hi All,

We are using weighted average date for our inventory cost calculation.

  1. When we post the PO we posted with wrong amount. How to adjust the correct PO invoice amount?

  2. When we post the PO we posted with June 1st date instead of May 31. When we run the inventory closing cost is not calculated for sold items because we are doing closing as of May 31. How to correct in this case?

Highly appreciate your valuable suggestions.

Hi,

In both the cases i will suggest you to reverse the transaction and post fresh invoice.

Adjustment can only be done for some miscellanous charge and that too has limitation and for the wrong posting date there is no way out other that reversal.

Pranav…

Pranav,

When I click reverse transaction in Vendor → Transactions it throws following error

“The ledger transaction type Purchase, receipt for account 13100 cannot be reversed”.

What I am doing is correct or I have to differently?

You need to post credit note against PO. Transaction reversal from vendtrans is not supported for reversing invoice.

Pranav…

You could revalue the transaction in the inventory close revaluation, you do not have to do this monthly, you can do it daily, run a recal and adjust the cost. However you still need to presumably deal with the purchase invocie, which is why the original suggestion works better, because otherwise you will pay them too much. You could raise an adhoc credit or misc charge, but to be honest the full credit and full re-invoice are the best options. Enter a negative quantity in teh receive now on the line and process it through to reverse it, then re-post it back through all on the same PO.

Thanks Pranav and Adam for your valuable solution.