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Stock Open Balances - Goods received but not yet invoiced

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Posted on by CF-22040757-0 30
Hi all,
 
What is the best approach to deal with open documents to import on Opening balances, where the goods are received and but not yet invoiced.
How should i bring the Invoice to BC?
and how it would affect the cost of the items?
Categories:
Financial Management
  • Suggested answer
    YUN ZHU Profile Picture
    YUN ZHU 68,480 Super User 2024 Season 2 on at
    Stock Open Balances - Goods received but not yet invoiced
    Yes, it's best if you can adjust in the old system.
     
    Thanks
    ZHU
  • Suggested answer
    KasparsSemjonovs Profile Picture
    KasparsSemjonovs 3,660 Super User 2024 Season 2 on at
    Stock Open Balances - Goods received but not yet invoiced
    You have 2 options:
    1) Import item journal with quantities, then when You know the values, do a Revaluation Journal entries to add value to all the quantities in inventory (could be done also as Purchase Invoice from specific Vendor and add line as Item Charge and assign this charge to the Item - but this could be posted in wrong G/L account so test the setup/Preview Posting )
    2) create a Purchase Order, do a receiving of items then You can add the cost and post the invoice. This only allows to create invoice for one vendor, so if You have them from several Vendors, You will need to create several Purchase Orders.
  • Verified answer
    CF-22040757-0 Profile Picture
    CF-22040757-0 30 on at
    Stock Open Balances - Goods received but not yet invoiced
    Hi Yun,
     
    I can not do that, because the stock is going to be imported using Item Journals. So the value will be already in the Inventory Account.
    But at the same time i will have also value in the "Accrual Account".
    I could do an Invoice in BC clearing the value of the accrual account (reverse the receipt), but then it would be very messy, if the price of the Item has changed (would need to do a item revaluation).

    The best solution that i can see is:
    • Posting the Invoice and make a Credit Memo in the Old System. (this way we would not have stock received and not invoiced)
    • Then post the purchase Order with the stock received (to recover the expected costs), and when invoice arrives then post the invoice in BC. (or post directly the Invoice)
     Thanks.
     
  • Suggested answer
    YUN ZHU Profile Picture
    YUN ZHU 68,480 Super User 2024 Season 2 on at
    Stock Open Balances - Goods received but not yet invoiced
    As far as I know, you should import to Sales Order (Sales header and Sales line table), then post receive in BC,  (not post invoice). And because no invoice was posted, these costs are expected.
     
    It is recommended that you test it in the Sandbox environment.
     
     
    Hope this helps.
    Thanks.
    ZHU

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