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Hello All,the accounting department entered wrong exchange rate in the exchange rate table, in the same period there was po invoiced with items,some of the items are consumed against production order, what is the best way to solve this issue.thanksa
Accounting can adjust costs on the receipt/production order at month end via the Inventory close process.
Hi Ahmad,
Some additional comments. If you have a fixed-price or moving average costing method, you can't change the cost price of the items. In that case, you can only create correction postings via general journals.
For all other inventory valuation methods, you can, like Frank mentioned, adjust costs of receipt transactions. The inventory close or recalculation job will then adjusts the costs towards the issued inventory transactions according to the model (FIFO, LIFO, Average).
I tried to adjust the cost in my test environment the way Frank mentioned it works
Finally I used negative charges in invoice to correct
The charges include the difference in my local currency,
The only advantage of this method is I can choose an offset clearing account to close it with forex exchange (I have it from vendor revaluation).
Cost adjustment used account does not allow manual entry in my environment so I will not be able to settle it.
Thanks
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