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I would like to asl if there is any idea how to handle such case.
My company has some items which relies heavily on market prices to mark the price. and many times the prices subject to changes.
For example, today Item A cost $53, tomorrow, item A cost $55.
Then when Purchaser create the purchase order, I have to ask Accounts to do Credit Note to reverse the transaction.
It is too troublesome for Accounts to have to keep doing CN.
Is there anyway to mitigate this?
For reevaluating your inventory you should look into using a revaluation journal.
You can read more about that functionality here:
Another way would be to use the standard costing method for the item and then you can update that standard cost as often as needed.
Thanks for your reply.
However, my area of concern is that when the item has already been posted, but then later the item was revalued.
We have to create credit note for this kind of situation. I wonder how the rest of the companies are handling this.
Do you use the credit memo because you get a refund from your vendor when the price is changing?
Hmm... I thought this is the only way?
When a Purchase order is posted, which becomes Posted Purchase invoice, you can't edit or change the amount anymore.
The only way to reverse the transaction is to create a Credit Memo. Please correct me if I'm incorrect.
Well that was the point i was trying to get through when i refereed to the revaluation process. If you want to adjust the cost in your inventory with out getting any refunds from your vendor. The revaluation journal is the way the system is designed to to it.
It will increase or reduce the cost of your inventory and post the effect to your general ledger as a gain or loss.
Hmm... I see. I will need to do some test. Not sure if I understand you correctly.
So basically, no matter the amount that was input in PO, I can re-evaluate such that the amount will not be a loss?
Well if you bought something for 10 and you evaluate it to 5. Then you well get a loss of 5.
But when you sell it the cost will be 5. So the loss will not be a part of your sales transaction. Because the sales transaction will relay on the evaluated cost. So the loss will be posted when you reevaluate and not when you sell.
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