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I am using Nav 2016 and By Mistake i posted Purchase Order with wrong exchange rate. In that order there was different lot and serial nos with huge quantity and we also sold all that items which we purchased with different exchange rate.
Is there any way to solve this issue without posting Purchase Credit memo?
Thanks in Advance
when you post PO with the wrong exchange rate, the items are getting the 'wrong' cost. After you sell them, it affects the 'COGS' account and item profitability. Is that what you want to solve?
Because all items are sold, means you can't do item revaluation. In which case you might need to post additional purchase invoice with 'Charge (Item)' and apply to the received goods - this increases the cost of goods and will flow to COGS when you run 'Adjust Cost' routine (or it is set to automatically adjust cost).
Then the only thing to deal with is the Vendor on this additional invoice, maybe by posting a single GL credit memo that will also balance out the P&L part of the Item Charge invoice.
Hope that makes sense.
one more thing there are some items of that purchase which are not sold yet still available in inventory. (Sry i mentioned all in this post)
Is there any easy way to do this ?
if i increase the value in available inventory through revaluation journal then what will be the other step to setoff all?
If you increase existing stock value, the credit will go to Stock Adjustment P&L GL. This can be moved to FX P&L account, and will be balanced out by the exchange rate revaluation on the original vendor invoice (assuming you run the Exchange Rate Adjustment job monthly/regularly - this will credit the vendor control account by the difference in FX rates and debit unrealized FX losses account, which will move to realized FX account once you pay the vendor).
actually we also made the payment for that Purchase Order.
If you've paid it then definitely move the difference to FX account
We are not running exchange rate batch job.
I will do revaluation journal for inventory cost Then move the cost entry from inventory adjustment to direct cost applied account.
For this invoice i did not apply the payment.
Now inventory will match But what to do with Vendor and Purchase Account?
If you're not running the exchange rate adjustment, then it needs to be done manually via general journals and posting directly to GLs (no vendor is involved). Then it's your choice whether to post the difference into Vendor GL balancing with Purchase Account GL; on the time of payment reverse Vendor GL to post to FX GL. Or post to FX GL straight away, balancing with Purchases GL. It probably depends on the time lapse between invoice and payment. It is all up to you :)
Thanks Robertas for your valuable response.
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