You’re offline. This is a read only version of the page.
6,775
I used the adjust cost utility to correct overstated assembly transactions, inventory adjustments, sales transactions and return transactions (from SOP entry window). After running this utility, the audit report generated but it indicated that no manual entries needed to be made by the user in the GL. However, I am seeing that the adjustments collected in an IV adjustment account and a IV variance account. Am I supposed to make another manual JE entry? Which accounts is this utility supposed to affect? How do I correct this moving forward?
*This post is locked for comments
Regarding the posting accounts, check the offset account on the distribution of the original transaction being adjusted
From the Help files -
"When you close this window, the General Posting Journal will be printed if there are cost changes posted to the Inventory and Cost of Goods accounts in General Ledger. Cost changes can occur if a quantity of the receipt has already been sold or consumed. If you modify the cost of a purchase receipt that was posted before upgrading to Release 9.0, the Cost Adjustment Audit Report will be printed if the Inventory and Cost of Goods accounts weren't adjusted in General Ledger. The report lists the old and new costs of the receipts you've adjusted, and includes the cost of goods adjustment you should make in General Ledger."
Not sure why you're seeing posting to the two accounts you're seeing. It may have to do with you posting accounts set at the Item Card.
GP10.0
In the audit report, there's two markings, a pound sign and asterisk. If any of the entries are marked with an asterisk then it says that you should create a JE to account for the adjustment. If the entries are marked with a #, the report indicates that the necessary adjustments have already been made.
All of our entries in the audit report were marked with #, so we didn't enter any additional JE adjustments, but now we notice that the variance has all been moved to 2 accounts - one is the Assembly Variance account from the Item Card and the other is a IV Adjustments account.
What version are you on? In older versions (GP9 and earlier, if memory serves) you had to manually make the entries. Today the system makes them for you. I think the Audit report you get is just a holdover from the olden days.
Stay up to date on forum activity by subscribing. You can also customize your in-app and email Notification settings across all subscriptions.
#1
André Arnaud de Cal...
291,240
Super User 2024 Season 2
#2
Martin Dráb
230,149
Most Valuable Professional
#3
nmaenpaa
101,156
Share
Report
All responses (
Answers (