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Dynamics 365 Community / Forums / Microsoft Dynamics GP (Archived) / Cost Variance
Microsoft Dynamics GP (Archived)

Cost Variance

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Posted on by Gps-Support 45
Dear All,Please help me to rectify this Issue. I posted a sales invoice with override option one item (say XXX)The cost of the item has gone Zero. (Okay)When the inventory item is purchased, and the quantity becomes positive, the cost of the item may be different .I can post journals to correct the entry, but I need to correct the entry in inventory In - out transactions.Inventory uses FIFO Perpetual for Costing. Please advise me to rectify this issue as auditors are reconciling the cost  transaction by transaction(item Transactions). Regards,

 

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  • Braam Koekemoer Profile Picture
    Braam Koekemoer 500 on at

     

    I just try to understand your problem.

    Transaction 1 = The product was sold at zero cost with zero qty on hand, so lets say you sold 10, so the inventory went -10

    Transaction 2 = The product was received at e.g. 10 @ $20?

    Please confirm this and I will be able to assist you

  • Gps-Support Profile Picture
    Gps-Support 45 on at

    Listing the transactions in order

    Item TrxType Date Inqty Outqty Unitcost Cost
    XXX Sale 01/12/2008   10 1 10
    XXX Purchase 02/12/2008 15   2 30

    Trasactions are this much.

     If i see the Stock it will be 5 (qty)* 2unitcost) =10

    When the auditors will see the transactions, they will go transaction by transaction ,

    What they calculate is All Purchase - sales cost.

    Here in that case 30 -10 =20.

    My Problem is here. how I can correct the transactions, JV I can pass in financial, but when go back to Inventory transactions it remains the same. What transaction i should pass to correct this?

    Please advise,

    Thanks in advance.

  • Braam Koekemoer Profile Picture
    Braam Koekemoer 500 on at

    Tools >> Utilities >> Inventory >> Adjust Cost

     

    Here you can adjust the incorrect cost and the system will prompt which journal to process.

  • Gps-Support Profile Picture
    Gps-Support 45 on at

    Hi,

    This will not solve my proplem. The Cost adjustment will do when i have cost change in the purchase but the cost is correct for purchase.  Any other option?

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