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Hello. An item was invoiced to a client but had zero cost associated with it. What are the ramifications of that issue?
I did update the inventory item with the current cost but after it had billed.
Thank you
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Thank you for the suggestion, I shall try that today. I normally 'fix' things in GP by processing returns and rebilling, didn't think of that in this case.
Hi Robin,
If there is only one transaction to corecct process a return at zero cost. Check the new item cost after processing the return, adjust it if necessary. Reinvoice the client with the inventory pulled at the proper cost.
Kirk
What is your valuation method for this item? It is possible that the cost for this item was pulled from a different receipt layer than the one you think from which it was pulled?
Thank you, but when I do so, the cost is already there. When I look at Inventory, inquiry, item transaction, and call up the item, I see a sale at 0.00 cost and a receipt at 95.00. I don't think this accounts for the cost in the sales (invoice)document
Inventory will takes the current cost while invoicing. If your inventory current cost is zero, then the inventory will be billed as zero cost.
For correcting this issue, open Inventory Adjust Cost window (Go to Microsoft Dynamics GP --> Tools --> Utility --> Inventory --> Adjust Cost) to choose the item number and correct it.
Hope this helps!!!
Robin, you should find the receipt layer that the item was sold out of and update that receipt layer cost using the Adjust Cost utility in the inventory module. That will update current cost, update COGS on the sale, and you can reverse any adjusting JE you may have posted to correct this issue. That will also bring your inventory sub-ledger and GL back into balance.
depending on JE posted as a result of the zero cost your inventory may now be out of balance to the gl.
sales analysis reports will show 100% profit.
depends on quantity on hand when the inventory was valued at zero inventory costing set up, fifo, average etc. Your inventory carrying value may be incorrect - although to get zero value usually quantity is zero so this is not as big a concern.
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