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Reporti am new accountant and i use gp for 2 monthes i want to know how to adjusting inventory cost by gp or what is the gournal entry should do ?
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i am new accountant and i use gp for 2 monthes i want to know how to adjusting inventory cost by gp or what is the gournal entry should do ?
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Mr. AlSaadi,
What can be done when the activity needing adjustment was in 2015 and that year has already been closed?
We had a receiving error similar to above, and need to lower the cost in our inventory, but the system will not allow us to adjust, stating that the period has been closed. I don't want to open up and back date into 2015. Also, the item was used in a BOM, so the Finished Item is overstated as well.
Thanks!
AB
Dear Mr. Khaled
I assume you have received inventory items with incorrect cost which need to be adjusted. This can be done from the "Inventory Adjust Costs" window:
Microsoft Dynamics GP > Tools > Utilities > Inventory > Adjust Cost.
Through this window, you pick the item, then a specific cost layer, change the cost and then process. This window ensures that the cost adjustment will be made in Inventory through GL.
In your case, you have received the first item with the incorrect cost .066 , when adjusting cost, the distribution will be reversed to increase the inventory account and decrease the offset account. You can calculate the number as follows;
Unit cost Variance (0.66 - 0.066 = 0.594) * Transaction Quantity (30000 ) = 17820
thanks for your reply i want to change the cost for to2 items the origanly cost should be .066 and i make the cost bye mistake.66 for the first items the second one the correct cost is .048 and i made it .48 and the quantities is to large about 30000 for the first item and 15000 for the second item and some of this item have been sold so i want to change the cost to the right cost and i apprecciate ur help
First, if you are maintaining an inventory list and quantities, you should NOT adjust inventory value using a journal entry.
I have two questions and then I can help you:
1. What inventory valuation method are you using? (check the item master cards for several items.)
2. Do you need to change the value of specific items or is the entire value of inventory incorrect? The cost of individual items times the quantity on hand of each should total the amount posted to the inventory asset accounts. GP will maintain this once established if normal accounting processes are followed.
I have a book that discusses this completely called Inventory Management Techniques. You can find it on our website ( www.accoladepublications.com )
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