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I used the Inventory Utility Adjust Costs to adjust the cost on 2 RCT. The Cost Adjustment Audit Report shows total Debit and Credit of $40.00 each. The problem is the JE won't post. The General Posting Journal shows "Account entry is incomplete." What do I need to do? What accounts should be on the JE?
Hello Vickiej,
When testing this in my environment, the two accounts that get update are the Inventory Account and Offset Account. You will need to know what accounts these are for your company.
To get the Journal Entry to post, what you will need to do is edit the Journal Entry for the missing account.
I hope this helps!
Brandon Jarrett | Microsoft Support Engineer.
Brandon,
Thanks for replying. Our offset account is Inventory Adjustments.
Let me explain what led to the cost adjustments: We had a PO with 4000 lbs of an item on it. The person who entered the receiving only scanned in 2000 lbs and added landed costs based on the full 4000 lbs. Then they scanned in the remaining 2000 lbs without any added landed costs. This caused a layer of 2000 lbs at $1.468/lb and a layer of 2000 lbs at $1.428/lb. The correct cost per lb is $1.448. So I did cost adjustments to make them all $1.448/lb. So 2000 lbs went up by $.02/lb and 2000 lbs went down by $.02/lb. The net effect is $0.00 which might be why there is no JE? Should I have handled this differently or not at all? Should I do a JE debiting and crediting Inventory Adjustments $40.00?
Hello Vickie,
Thank you for your response!
Based on your scenario provided above, I would agree you handled this correctly.
Regarding if you should enter a Journal Entry. I would say no.
Here is an example of what i would say no.
I bring in 10 qty at 1.00 and 10 qty at 3.00. So I have 20 qty at a total ( in GL ) of 40.00. I then adjust the 10 at 1.00 to be 2.00 ( debit 10.00 ) and adjust the 10 @ 3.00 to be 2.00 ( credit 10.00 ). End result 20 qty @ 40.00
Brandon Jarrett | Microsoft Support Engineer
Yes, that helps. I ended up correcting the JE by using the same account for the debit and credit.
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