Hi all,
A receipt of item was done with a wrong unit cost that's 123.4 instead of 1234.There are many SOP invoices that have been processed and they have picked the wrong unit cost.How can I rectify this on Sales invoices and Inventory value.The margin on this item is inflated.
Kindly assists.
RomRyan
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Hi,
After running the unit cost routine.The journals only adjusted inventory account and Cost of sales.The accruals account that bridge the receiving and invoicing (shipment) seems not to have been adjusted and therefore the payable account isn't too.
Romryan
Romryan
Just a follow up on this case, is it resolved ?
Your feedback is highly appreciated,
Okay Romryan
Here are the tables that I just had in mind
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SELECT SOPNUMBE ,
DISTTYPE ,
ACTINDX ,
DEBITAMT ,
CRDTAMNT
FROM SOP10102
WHERE SOPNUMBE = 'SOPNumber'
AND DISTTYPE IN ( 15, 14 )
SELECT OREXTCST ,
EXTDCOST ,
*
FROM SOP30200
WHERE SOPNUMBE = 'SOPNumber'
SELECT ORUNTCST ,
UNITCOST ,
*
FROM SOP30300
WHERE SOPNUMBE = 'SOPNumber'
For the General Ledger level, you do need to take into consideration that the Adjust Cost Utility has already generated the required journal to correct the GL. So I would suppose that the GL accounts balance are correct by now (Inventory, COGS, AP .. ) have you checked the cost variance report for that ?
Now for the AP module, you will have to record a manual transaction to adjust the vendor balance without posting to GL. In case the AP account balance is correct.
Let us know if you need any further assistance,
Thanks Mohamoud,
I have an SRSS report that's compute Sales margins that's why I need to update units costs on table Sop30300.which are the other tables to consider?. Furthermore my payable account and VAT account have been understated too because the shipment had already been invoiced.
Am using shipment not shipment/invoice since utilities has adjusted inventory and cost of sales my accrual account,my payable account and VAT account might not be okay.Please advice.
RomRyan
The adjust cost utility doesn't reach the sales tables (SOP tables), they maintain the historical unit cost. If you do need to perform this task, you will have to manually update the associated tables (not only SOP30300), there might be other tables to consider.
I personally believe that you do not need to do such an update, your cost is well maintained in the inventory tables with a track of the old and the current cost.
Your feedback is highly appreciated,
Mahmoud,
I ran the adjust cost utility on the item receipt that had wrong unit cost and the cost layer was updated i.e. for each sop invoice a journal was created to update inventory and COGS account.I need to update UNITCOST and ORUNTCST in Sop30300 for all those invoices.
What did you do when you faced the same issue?.
RomRyan
yes,
You may consider applying the utility in a test environmennt and check the results before hand.
Taking a backup is required as well
Thanks Mahmoud,
I just want to clarify if I run this routine, the unit cost in the sop invoice posted will change the unit cost i.e. if I query the sop invoice and click the line item,then check the unit cost,it will have changed after running the unit cost routine.
RomRyan
Use the inventory adjust cost utility,it will correct this cost layer and other related sop documents
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