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How To Correct An Incorrect Unit Cost on Item Due To Old Purchase Invoice Error

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Posted on by KAY15

I have 2 items with incorrect unit cost. Drilling back, I discovered that the unit costs on a purchase invoice from 2020 were swapped for two items on the invoice. An item with a unit cost of $108.00 was purchased for $453.60, and an item with a unit cost of $453.60 was purchased for $108.00. I cannot go back into 2020 to correct this mistake. But, I do need to correct the unit cost of these two items going forward.

We do not carry inventory of these items. Both have an inventory quantity of 0. I tried using the Item Revaluation Journal, but I am getting the following error:

Quantity must have a value in Item Journal Line: Journal Template Name=REVALUATIO, Journal Batch Name=DEFAULT, Line No.=0. It cannot be zero or empty.

We are using Average cost.

Is there a way to correct the unit cost of these 2 items moving forward?

I appreciate any suggestions.

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KAY15 50 on at

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RE: How To Correct An Incorrect Unit Cost on Item Due To Old Purchase Invoice Error

Thank you for the suggestion! I tried in the Sandbox. I had to re-open the inventory period for Sept 2020. Then, I was able to post the Revaluation Journal. The unit cost on the item was corrected.

I appreciate the help.
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Snehanshu Mandal 560 on at

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RE: How To Correct An Incorrect Unit Cost on Item Due To Old Purchase Invoice Error

I believe you can manage it with the revaluation journal with a little known trick.

In the revaluation journal -

1. create the lines manually for items [just the document number and item number. Nothing else]

2. in the "applies to entry", lookup and select the original entry which has gone wrong.

3. This will bring up all the relevant information missing in the line.

4. Change the unit cost [Revalued] and Inventory Value [revalued] as you desired.

5. Post it and it will revalue only those wrong entries to correct value.

Try this out in a sandbox. If successful, do let me know.