I need to correct the cost/price per item in inventory for Invoiced Purchase Orders. Since the inception of January 2007, the Purchase Orders by Quantity/Unit have been inconsistent for items. For example, if I pick P.O. #1 for item #1, it will show Quantity of 1 for $1000, if I go to P.O. #5, it will show Quantity 1, Unit (Roll 1000) for $1000. When I go to Items and click on Item #1, it will show me the Transactions for P.O. #1, Quantity 1 Cost Amount $1000, and P.O. #5 Quantity 1000 Cost Amount $1000. Since P.O. #5 is correct, I need to somehow adjust P.O. #1. so the Unit Price is only $1/unit. I tried adding a negative line to the P.O. Quantity -1, for -$1000, but when I go to look at the Transactions for that Item it shows Qty -1 for -$1. I also tried a Jounal Entry, but the price per Unit is locked in at $1.
Anybody know how I can correct our Quantities in Inventory since it causes the Cost per Unit to be higher and causes the Value on the Inventory Value per Item Group to be Extremely Higher.
Best way if u r in doubt that quantity or cost has gone wrong is Credit Memo or return order with use of marking for exact reversals. Because making adjustment in one master never makes the reversal complete.
If only quantity is bothering you i think you can use Profit and Loss Journal again mark the record. But both costs , quantity are issues then reversal of document is the best option.
Unfortunately, we tried the Profit and Loss Journal. Posting -1 wanting to use -$1000, but the system won’t let us change the $ amount, cost per unit is locked in at the $1/unit. Do you know of a way to change the cost per unit or total cost so I can make adjustments?
I will try a Credit Memo tomorrow but I do not like using credit memos because it wipes out being able to view the original purchase in the Actual Purchase Order Screen. Unless you know of a way to create a Credit Memo without losing the capability of seeing the original invoice on the screen.
I will let you know if I have success with your answer. Wish me luck!!! Thank you!!
Can you please clarify what you mean by “making adjustment in one master never makes the reversal complete”. What do you mean by “master”?
Yeah u r true Profit &… journal do not allow you to change cost, if u want to keep Purchase Order. U can create a return order and then on Lines click on Functions Copy from all and select the invoice and u can specifically select the line as well which u want to return. Just make sure that u make qty -ve on this interface itself . This process will take care of marking as well. By master i meant Item, Vendor these are masters.
I would advice to first check your transaction , its process and its results on Test Company before performing on Live Company.
Okay so I guess you want PO #1 to be the same - there will be a unit conversion on the item record between roll and the stocking UOM that is set for PO#5 but not for the first one. I would remove all my stock, make the corrections and book them back in again. If you have been doing this since 2007 what have you been doing with the costs - are they variances to standard or are you average costed? You cannot alter the posted transactions.
We do not use standard. Right now our Inventory Value per Item Group is outrageously HIGH! I was just given this project this week and have only been working here for about 2 months. Is there any other way to correct all these errors instead of going into each P.O. and doing a credit memo and then putting it back in correctly? I have found other errors where wrong item numbers were used which had high $ values which also through off the unit/cost. When they had an inventory count, the items were adjusted accordingly by counting journals, but had the wrong unit/cost per item. So now we are stuck with “correct” quanitiies, but incorrect Values. Is there any way to do a lump adjustment instead of going back to each P.O. by item credit memos?
I have looked at the Inventory Period close and I can only find where I can adjust the Qty not the Unit/Cost or Value. Basically, I don’t want to touch the Qty. I just want to correct the Unit/Cost and Value by item. Do you know of a place in the Inventory Period Close that I can do this?
I tried the other suggestion from the other person that replied to do Credit Memos by P.O./item… that doesn’t work either. It shows “sold” in the transaction and takes the Weighted Avg. by date, not the original $ amount that was posted.
Is there a course on how to make corrections when users were putting in incorrect information? Please let me know where in Inventory Period Close I can adjust Cost/Unit and Value for each Item.
We already had figured out a way to prevent it happening in the future, but I still need to clean up the past. Thanks again for any help you can give.
There is no course for making corrections - MS would see this as planning to fail.
The period close is not my area really but you select the adjustment button and transactions, from here you can select items and then make adjustments, but obviously you need to run through this and test it propoerly.