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Dynamics 365 Community / Forums / Microsoft Dynamics GP (Archived) / Inventory - Adding &am...
Microsoft Dynamics GP (Archived)

Inventory - Adding & removing items at average cost

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Posted on by Community Member

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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  • Suggested answer
    Community Member Profile Picture
    Community Member on at

    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.

  • Suggested answer
    L Vail Profile Picture
    L Vail 65,271 on at

    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

  • Community Member Profile Picture
    Community Member on at

    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?

  • Community Member Profile Picture
    Community Member on at

    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?

  • L Vail Profile Picture
    L Vail 65,271 on at

    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

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