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We got amount difference in inventory value report and BS(Inventory account) for Standard cost items.
could any one please suggest how to adjustment inventory value for Standard cost items?
we have tried the adjust in this path: Closing and adjustment > Adjustment> Transactions> Select item
Its works for FIFO items not for Standard cost items
Thanks,
Hi Sunil,
When I read the discussion, I do have the feeling that someone did make a manual correction on GL already which now needs to be done by changing the value of the current inventory. However, the difference could be caused by customizations as well. I have seen this happening twice in the past.
You can define the correct cost prices in a costing version like mentioned above by Satish. More documentation can be found on Microsoft Docs: docs.microsoft.com/.../about-costing-versions-for-standard-costs
Make sure, you block the inventory ledger accounts for manual postings after the adjustment is completed.
Thank you very much for you reply@Ludwig
Yes we know the adjustment triggers the GL and the overall becomes zero. But we will reverse the GL value impacted with this adjustment against a Inventory profit/Inventory loss. Our target is to change the Inventory value of standard cost items, even though its GL is impacted no problem we will reverse it again.
Can you please tell me how do I proceed?
Thanks
Hello sunil,
Can you let us know more about the underlying reason why the inventory value is wrong?
I am asking this because the adjustment that you are looking at must have an impact on inventory only but not on GL.
If yo simply record a standard cost price change - which triggers a revaluation in GL - or if you make any other kind of adjustment in inventory then you will always get a corresponding voucher in GL and the overall effect of the adjustment is zero. In other words, also after recording those changes, the variance between inventory and GL will still exist.
For that reason, it is critical to understand why you think that your inventory values are wrong (too high/too low) but that the respective GL balance is correct.
Would be great if you could elaborate.
Many thanks and best regards,
Ludwig
Thank you@Ludwig
we found the difference and want to adjust in the inventory value, because the BS balance is correct and user don't want to adjust the GL balance.
So how can I make adjustment now
Thank you
Hi sunil,
If you have a difference between GL and inventory, activating a new standard cost price alone might not help.
What you need to find out is where the difference comes from.
For example, has somebody make some postings on the inventory accounts that are used for recording your standard cost items?
Since when do you see a difference and how did you find out about the difference.
Please do a detailed investigation of the underlying reasons first before you consider a correction to avoid that things deteriorate.
Best regards,
Ludwig
Hi Sunil,
The only option that may work for standard cost is activating a new price which in turn would revalue remaining inventory
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