Sales Price corrections after posting Sales invoice

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Posted on by Samantha73

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Hi All

I'd like to know the options available to us when it comes to correcting posted invoices for price adjustments (without Qty adjustment). For example, we invoice with a sales price of $110 instead of $100. If we use a standalone credit memo then it will not adjust the gross profit on the invoiced sales document. Item charge is another option.

Thanks

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Samantha,

I teach my customers that if they want to correctly reflect the Profit on a posted Sales Document to perform a Correct action from the Posted Sales Invoice. The posted sales invoice is canceled. A new sales invoice with the same information is created, unless the posted sales order was posted from a sales order. In that case, we suggest you cancel the posted sales invoice instead and then make the correction and continue the sales process from the original sales order.

The new sales invoice has a different number than the initial sales invoice. A corrective sales credit memo is automatically created and posted to void the initial posted sales invoice. On the initial posted sales invoice, the Canceled and Paid check boxes are selected.

Hope this helps.

Thanks,

Steve

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Samantha73 3,253 on at

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Maybe I wasn't clear on at what stage we are in the process. Let's say we already sent the invoice to the customer. In this case, we would issue a credit for the difference.

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Samantha,

OK, you have posted the Invoice and sent the Invoice to the Customer. The Invoice, per your original question, was at $110 Unit Price and should be $100 Unit Price. You asked how to correct this so it is reflected in the Profit of the Order originally posted, which has a Unit Cost. The only way to have this Price Change effect the Gross Profit of the Sales is to Correct the Original Posted Sales Invoice and repost the correct Unit Price. Here is an example of one:

I have the below Posted Invoice and the Unit Price should be $85.00. I go to the Posted Sales Invoice and click Correct/Correct. This will cancel the Original Invoice by creating a credit Memo. The process creates a NEW Sales Invoice with the same information as Posted Sales Invoice 103045. I then update the correct Unit Price. Below are all the screen shots.

I posted the Sales Invoice and my Gross Profit is updated against the Order.

Hope this helps.

Thanks,

Steve

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