Is it true that Direct cost Applied Account and Purchase account should always match? (By the way we are on Ver3.7) In our case, we made a PO and after a GRN with wrong cost amounts, and before reversing through a credit memo, stock from this goods was transferred to another location. we then made a Credit Memo to reverse incorrect GRn and made a new PO /GRN with correct values. When we ran Periodic Activities → Adjust cost - Item Entries, the system revalued stock which was issued with incorrect values, to correct situation. this created an adjustment to the Inventory which debited the Direct cost applied and credit stock. To this end the Direct cost applied and purchases account does not tally any more. Any suggestions please[:(]
Anybody can help please!!!
Check your Applications on the Item Ledger Entries. From what you described, I would guess that the Credit Memo applied to the New PO and the Transfered Stock would be at the Original Cost.
Why don’t u use item Revaluation journal??? Regards
If the average cost has changed between the original invoice and credit memo the Direct Cost Account and the Purchases Account will not match if the same has not been applied to each other. Hence since you are using version 3.7 use the exact cost reversing function.