Share
Report
75I found this question that was similar but still seemed open
Re: Inventory transfer creates GL Cost Adjustment?
I am hoping you guys can assist me. I am working my CFO to provide Q1 financials, and we are struggling with the cost of goods sold entries that are recorded in the GL. For reference, we are using FIFO perpetual costing. I looked at the GL20000 table and identified all transactions that have been identified as sales transactions and ignored them. I then eliminated any manual journal entries that our accountants issued. The remaining transactions have in the description IVA/IVT followed by a series of zeroes and numbers. Obviously, these are related to inventory adjustments and inventory transfers, but I am having a hard time reconciling these numbers.
I can join these transactions on to the IV30300 to identify what the adjustment or transfer was, but I cannot seem to link back to the cost variance journals that these transactions created. Specifically, I was hoping to find what invoices these inventory adjustments and transfers affected. I also want to know if these entries are correct.
re the IVA and IVT transactions that the adjustments are creating for the cost of goods sold account legitimate? Do these only occur when there was a negative amount of inventory on hand? This was the case a couple times since certain orders were being issued with an override on inventory quantity. Why do simple transfers create adjustments to a number of invoices?
I would greatly appreciate any feedback on this matter.
*This post is locked for comments
All responses (
Answers (
