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We received inventory & later received a credit memo for the receipt. We've already sold some of the inventory, attached landed cost, etc.
How do we...
- Reduce the inventory value (not the qty)
- Associate the credit memo with the inventory value reduction?
Is this doable with a single process or are we going to have to re-value our inventory using inventory adjustments & then book the credit memo to the vendor separately?
Thanks in advance,
Kyle
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There are 2 methods to do this:
1. You can do a cost layer adjustment (Inventory | Utilities | Adjust Costs ) for the items in question, then enter a credit memo to be applied against the vendor invoice; OR,
2. You could do a purchase return (Purchasing | Transactions | Returns Transaction Entry).
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