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Hi,
I'm fairly new to GP so please forgive what might seem to be a simple question.
Here is my scenario: I mistakenly took into inventory the wrong item whose value was $2,244.00. The average cost of that item is $2,288.20.
How do I remove that item with the different in cost?
Please reply with steps in detail.
Thanks!
Faye
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Hi,
The system will create the journal entry for you. I'm sorry but I am not familiar with Studio Enterprise by Donor Direct. As far as Adjustment vs Variance - the only difference is the default offset account. One side of the entry is inventory, the other side of the entry is whatever is set for that document type. The effect on inventory is identical.
Kind regards,
Leslie
Hi Leslie,
Thanks for your reply.
I haven't sold any of the items, so is there a need to make a journal entry? Why or why not?
Thanks,
faye
PS. I work for a non-profit and the items in inventory are donated medical items. After adding the items into inventory on GP, then there are entries against the donor's profile for giving/revenue purposes. Any chance you're familiar with Studio Enterprise by Donor Direct and could advise how this error in inventory affects that?
Hi Ray,
Thanks for your reply.
I did the original transaction as an Inventory Adjustment.
So to remove the item, I again use Inventory Adjustment but with a negative number, and at the avg cost?
And, just to be clear, why not a Variance instead of an Adjustment?
Hi Faye
The Adjust Costs utility will change the cost of that layer of your inventory and recalculate average cost as if that cost had been used originally. It's exactly what the tool was designed to do. The utility will print reports and you may need to make a journal entry to adjust sales if any of the those items have been sold.
Kind regards,
Leslie
Hi Faye,
what how did you do the original transaction ? through inventory adjustment or receiving PO.
If it is PO receiving then do return for the same item then receive it with the correct cost.
Case 2 if it was inventory adjustment just do the same thing with -1 to remove it but it will be removed with Avg cost at this point.
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