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Item Ledger Entry Multiple Units of Measure

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Posted on by Community Member Microsoft Employee

Please Help!! :) 

We are currently doing our stock take. We have an item card that has the base unit of measure of Linear Meter (LM) and a purchase unit of measure of Roll. 

We have actioned a physical inventory journal today on the item to reflect the difference. Inventory stated 551, count was 420. 

The cost of the item is £99.70 per roll, a roll is 200lm. Therefore the standard cost price is £0.4985. We have actioned the journal, however the price picked up was £99.70. Despite that figure not being in the cost price box, the current stock value is £55,000 before the journal, and then £13,150 less after the alteration. When you click on the price within the inventory journals page, it is showing two lines. We just cannot work out where the £99.70 is coming from. The stock we have is worth only £400 approx but it is showing as £55,000... somewhat different. 

pastedimage1609781393212v1.png

This is the inventory journal snip. 

pastedimage1609781428514v2.png

This is the view when clicking on the £13k. Why are there two entries, one for the LM price and one for the Roll Price?! 

pastedimage1609781523075v3.png

Maybe one of our settings is not correct? Any help always gratefully received. 

THANK YOU! 

Amy 

Categories:
Inventory and warehouse management
  • Community Member Profile Picture
    Community Member Microsoft Employee on at
    RE: Item Ledger Entry Multiple Units of Measure

    Hi Steve,

    Thank you so much for coming back to me and the kind offer to help via TEAMS. Based on your suggestion re actioning a revaluation journal, I have actually managed to undertake this on the system and corrected the item cost price which brought the overall inventory valuation for that item to being accurate. This was such a valuable correspondence and my colleague and I are very grateful for your help and quick responses.

    Take care,

    Amy

  • Verified answer
    Community Member Profile Picture
    Community Member Microsoft Employee on at
    RE: Item Ledger Entry Multiple Units of Measure

    Amy,

    OK, I am guessing the Purchase Invoice has already been paid or partially paid, correct? If no, we can do a 'Correct' off the Posted Purchase Invoice. If paid or partial payment, I would first ask if the Standard Cost is correct. If yes, then I want to perform a Revaluation Journal against the Item. Rather than type back and forth it will be faster to have a Teams call to shadow and correct the data. Do you have time for a Teams call tomorrow? Here is my email address so email me there and I can send an invite: steven.chinsky@wipfli.com

    Thanks,

    Steve

  • Community Member Profile Picture
    Community Member Microsoft Employee on at
    RE: Item Ledger Entry Multiple Units of Measure

    Thank you Steve.

    So I guess really it's down to the fact that we receipted the goods in at the wrong price if I've understood your correctly? If this had been a newly receipted in item i could have reversed it. However we only noticed by chance when looking at something else so made the cost price change manually mid way between purchase orders. Given the length of time that has passed, i've tried and as suspected, am not able to reverse the receipt due to it having been invoiced. (At the correct price).

    I don't suppose you are able to advise please, if there is another way we can correct this. Ideally we could do with writing the whole amount off and maybe putting back in the 400 or so meters at the cost price of .50 for a clean slate as it were? At this point, we have an inventory value that is some £40,000 wrong due to a item that costs 0.50p!!!!! What a pickle!!

    Thank you,

    Amy

  • Suggested answer
    Community Member Profile Picture
    Community Member Microsoft Employee on at
    RE: Item Ledger Entry Multiple Units of Measure

    Amy,

    Based on the image, I see the September Receipt and Invoice for the Qty = 400 LM. Since this was a Standard Costing Method Item, the last image I saw was the value of .50, I recall and if I take the Cost Actual column of 201.20 divided by .50 I get 400 units. The difference ends up as a Variance on the second entry line, since you are Standard Cost and this is a Purchase Price Variance. The .50 per unit always brings me back to the Roll price of 99.70 or .50 Standard Cost per LM and 99.20 additional Standard Cost to = Roll UOM (hence the 2 entries always shown). How did you correct this entry on the Item Card? If this was incorrect, I would have reversed the entire posting and made a correction.

    Thanks,

    Steve

  • Community Member Profile Picture
    Community Member Microsoft Employee on at
    RE: Item Ledger Entry Multiple Units of Measure

    Thanks Steve for coming back to quickly. 

    This is the screen shot for the purchase receipt back in September and i believe also when we noticed the price error and correct it. We made the correction but updating the item card cost price for the item to be £99 / 200 to get the 0.49p price. 

    pastedimage1609857735732v1.png 

    Hopefully this will help further. 

    Thanks again, 

    Amy 

  • Suggested answer
    Community Member Profile Picture
    Community Member Microsoft Employee on at
    RE: Item Ledger Entry Multiple Units of Measure

    Amy,

    Thank you for sending the Value Entries. The image shows what I expected. The Assembly Consumption is taking the open layers for the Item, with a Unit Cost of 99.20 and the Standard Cost per Roll still stands at 99.70 per roll (.4985x200) so the second entry books the difference on each roll. If I take each Assembly Consumption posting (2 lines) they total the 99.70 and each Quantity is being posted by UOM Roll. You can see this clearly on the entry dated 7/12/20 for Qty = 1. Is it possible to send see what the original receipt was posted at when you brought the inventory in in October, as you mentioned? Seeing the Open layer of Inventory will shed light.

    Thanks,

    Steve

  • Community Member Profile Picture
    Community Member Microsoft Employee on at
    RE: Item Ledger Entry Multiple Units of Measure

    Thanks so much for coming back to me Steve.

    I'm not 100% sure what you mean I'm afraid, but I have managed to locate the value entries area for this item and have dropped a screen shot below -

    pastedimage1609851958810v1.png

    I should tell you that a few weeks ago we noticed the stock value for this item was incorrect as it was showing way too high. We had entered the cost price of the £99 being the roll price not the LM price, so we changed the cost price to reflect the LM price. I wonder if the old value of the item cost from around October time (when we noticed following go live) is stored somewhere and it is still picking up that cost some how? 

    Thanks again for your assistance. 

    Amy 

  • Suggested answer
    Community Member Profile Picture
    Community Member Microsoft Employee on at
    RE: Item Ledger Entry Multiple Units of Measure

    Amy21,

    Happy New Year. I have a question... Did you take the inventory by Roll? The reason I ask is your initial Physical Inventory Journal shows the negative adjustment for 131.9, which is the difference between 551 rolls and the 400 counted rolls. I know this is a Standard Cost Item of .4985 x 200 LM per roll or 99.70. This leads me wanting to look at the Value Entries. Can you send a screen shot over trying to see the layers open. Again, my first glance question...

    Thanks,

    Steve

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