Value Overstated for Opening Purchases

chang_yi

Hi,

Does anyone know how to adjust the purchase invoices which overstated and this purchase invoice related to opening purchases.

This is very common happen to a new implementation where opening balances (eg : opening balances as at 30/04/06) for stock are posted via item journal. And now in May transaction, we received a credit memo from supplier and in May we need to pick up this credit note where related to the opening stock value. If this credit memo received from supplier are adjust the qty received, it is pretty straight forward. However, if the adjustment only adjust "VALUE" and not qty being adjusted, then it seems like no way system able to handle.

With the above, by right, system only able to adjust the value which is Vendor account and Inventory value (without affect the quantities). System able to adjust value only by using item charge and revaluation journal, however, item charge not able to assign item with opening balances (Item charge only assigned to "Receipt" lines and "Shipment" lines, NOTHING assigned to opening entries)

Anyone has handle this before? Please advice!

Miklos_Hollender

Unfortunately there isn't really a better way I think, other than posting Invoices to some G/L Account and Revaluating entries.

ara3n

You can create the credit memo and select gl account on credit memo. Post it. Then create a reevaluation journal and reevaluate the item with the new cost (value).

I was going to suggest item charge, but you can't just select any item ledger. You can only select shipment, return shipments, receits.