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We have a PO that is a drop ship that was entered and received at the wrong quantities. We voided the invoice. Is it possible to reverse the PO to correct inventory?
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Not really, the best you could do is RMA the SOP invoice if you have invoiced it and do a Inventory Credit.
Then create a new PO or amend the PO and invoice it again.
Otherwise, stock adjustments and manual AP credit would do the trick.
I don't think there's enough information to answer your question. If the PO is a drop-ship PO, it means the inventory went from the vendor straight to the customer without passing through your warehouse. Did you setup a drop-ship sales order tied to a drop-ship purchase order?
It would sound your customer did not get the right quantities ordered. Were the quantities in excess or in default? Is the customer shipping back all quantities to you? Since you already voided the payables invoice, you have no liability with the vendor on your books. Is the vendor's expectation to receive the merchandise back? Is the customer shipping the merchandise back to you?
If all you are saying is "my GL inventory numbers are wrong now", then you could well enter a GL journal to straight up adjust cost of goods and inventory - you may need to adjust sales and revenue as well - assuming you won't be getting the inventory back from the customer. You will then have to enter an AP invoice to pay the vendor.
If you describe more of the workflow, maybe I am able to provide more information.
In any case and for future reference, when you are faced with this type of situation, the best way to proceed is by creating a Sales Order Return if you are going to get the product back from the customer, or use the Returns Management module to process a return for replacement, a return for credit, or an return to vendor, depending on the workflow you intend to have.
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