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Hi,
I have a fixed Asset and a direct GL entries done in a Purchase Order, and I have them GRN-ed.
To reverse the transactions, I go to Purchase Return Order to reverse both.
Where and how do I know that they have truly been reversed in the system?
Thank you!
Hi Steve, Zhu,
I have discover another way to do it, although I'm not sure if Audit will pass. What I did was to create another line with similar Fixed Asset and unit cost, but at the quantity field, I put a negate sign to minus off that item PO.
Accounting and mathematically, it works. Hence, in this way I don't have to post all the way to invoice, which Finance Accounts don't really like to do CN for it.
Josh,
Took me a bit to read through this but I agree with Yun, complete the document and post it and then create a Credit Memo.
It is the best way to keep the audit trail of the document and make sure everything is accounted for and adjusted.
Hope this helps.
Thanks,
Steve
Hi, yes, I personally think it's better to finish the Invoice and Credit memo as I tested at the beginning.
Otherwise, this Order and Return Order will always remain in the system.
Hope this will help.
Thanks.
ZHU
Yes, that's what I thought.
In that case what about Fixed Asset ad GL entries?
How do we reverse them at GRN-ed? Or is it that User had to go all the way to invoice and then do credit note?
Thank you
Ah, sorry, I forgot about this.
Only type item can be undo in Posted Purchase Receipt page.
There is nothing wrong with your approach.
Sorry again.
Thanks.
ZHU
Wow.. I thought Fixed Asset and GL entries cannot be reverse. Thank you so much! I'm going to try this.
Hi, If you just receive the lines, Purchase Return Order is not recommended, you can go to Posted Purchase Receipt to undo it directly.
Back to the question.
Because no invoice is posted, only Posted Return SHipment is generated. You can choose Return Shipments in Purchase Return Order to find it.
As long as the amount and quantity is the same as in Posted Purchase Receipt, I don't think there is a problem.
Hope this will help.
Thanks.
ZHU
Hi Zhu,
Thanks for replying. Actually, I refer to Purchase Order that has GRN-ed, but haven't post to Post purchase invoice?
In this case, how do I see the movements in ledger entries, or where do I see the movements when I reverse the GRN for Fixed assets?
Hi, I did the same test as you.
Purchase Order:
Purchase Return Order:
Then you can choose Navigate in Posted Purchase Credit Memo.
For G/L Account line, you can find reversed line in G/L Entries.
For FA line: you can find reversed line in FA Ledger Entries.
Hope this will help.
Thanks.
ZHU
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