Undo a Posted Receipt

Beatrice

Hi!

A foreign purchase order was created and the receipt has been posted for the purchase order.

Subsequently, it was discovered that exchange rates were wrongly defined for the PO.

As a matter of fact, we need to undo the posted purchase receipt.

The problem is that we cannot undo the posted purchase receipt because part of the items on the PO has been shipped.

Can anyone please urgently advise me on this issue as to how to reverse this receipt?

Thanks and Regards,
Beatrice.

HalMdy

Did you have also post the Purchase Invoice ?
If not, you can manage the exchange rate change on the invoice and the receipt stays as it was ...

Beatrice

Hi,

Only the Receipt has been posted, invoicing has not been done at all for this purchase order.

Thanks,
Beatrice.

Beatrice

Hi,

Please reply as soon as possible. We are in a critical situation.

Rgds,
Beatrice.

Mbad

Is there a reason why you dont just reopen the PO and change the exchange rate? Cost of goods are not posted to the ledger until time of invoicing unless im mistaken. Easy to test if you create a new item. Value entries cost per unit should be different but cost actually should be from the invoiced(and corrected) line.

Beatrice

Hi!

Thanks for replying.

Please note that automatic cost posting has been enabled on Inventory Setup. As a matter of fact, costs have been posted to GL.

In addition, for the PO whose receipt is posted, some of the items on the PO have been used on a sales invoice, which is already posted.

Can you please advise me? We are in big trouble.

Thanks in Advance,
Beatrice.

Alex_Chow

It doesn't matter if the receipt is made. The actual cost is derived from the invoice. Just adjust the exchange rate before you post the invoice and you will be fine.

Beatrice

Thanks for replying.

What about the Actual Cost posted to GL when a sales invoice has been posted for one of the items on the PO?

Won't it affect the costing of the item because this item has been issued at a wrong cost when posting the sales invoice?

Thanks & Regards,
Beatrice.

HalMdy

deadlizard wrote:

It doesn't matter if the receipt is made. The actual cost is derived from the invoice. Just adjust the exchange rate before you post the invoice and you will be fine.

Fully aggreed ...


Beatrice : please try it on a test db if you are not fully convinced , that's sure that's work for all costs

Beatrice

Thanks Guys!

But I guess you are not getting my point. The situation is as follows:

1. Created a foreign PO for 4 similar items at a wrong exchange rate.

2. Store has made receipt of the items, whereby we get a posted purchase receipt.

3. Some days later, a sales invoice is created and posted for one item on the above mentioned PO. The item is issued from inventory at a wrong cost.PLEASE NOTE THAT AUTOMATIC COST ADJUSTMENT IS ENABLED ON INVENTORY SETUP.

4. A transfer between stock locations has also been made using items from this PO itself. There is a posted transfer shipment and a posted transfer receipt.

Hope it is clear now! DO you think that the situation remains the same, that is, we just modify the exchange rate and post the PO again?

Thanks and Regards,
Beatrice.

Alex_Chow

Beatrice.

It doesn't matter if the receipt is made. The actual cost is derived from the invoice. Just adjust the exchange rate before you post the invoice and you will be fine.

You will need to run the adjust cost after you post the invoice with the correct amount.

HOWEVER, the unit cost that's going to be displayed on your sales line and sales invoice line will be the unit cost AT THE TIME OF ENTRY!

Hope this clears it up for you.

Beatrice

HOWEVER, the unit cost that's going to be displayed on your sales line and sales invoice line will be the unit cost AT THE TIME OF ENTRY!

This is still a problem though. Even if the purchase invoice is posted with the right cost amount, our sales invoice transactions remains the same with the wrong unit cost on the sales invoice line.

Is there any way we can correct this unit cost on the sales invoice line?

Thanks and Regards,
Beatrice.

Mbad

You have to adjust inventory cost before you can assess the inventory value. This is done by running the reports from Fin.mgt., inv, costing. Depending on what Costing Method you are using the value of the goods sold is the value of the goods bought, and will be adjusted to the cost if you applied your sales to your purchase properly. Run the reports and check the Item Ledger entries, mind you this will also realize the inventory in your GL depending on your setup.

Cost on the sales line doesnt mean much.

Alex_Chow

Beatrice wrote:

HOWEVER, the unit cost that's going to be displayed on your sales line and sales invoice line will be the unit cost AT THE TIME OF ENTRY!

This is still a problem though. Even if the purchase invoice is posted with the right cost amount, our sales invoice transactions remains the same with the wrong unit cost on the sales invoice line.

Is there any way we can correct this unit cost on the sales invoice line?

Thanks and Regards,
Beatrice.

Yes, the current way Navision does it is inconvenient. It is possible to ask your solution provider to update the sales invoice cost on the sales invoice lines after the fact.

An easier way to analyze this is to just modify your reports so it gives you the proper cost per invoice.

Andwian

Beatrice wrote:

This is still a problem though. Even if the purchase invoice is posted with the right cost amount, our sales invoice transactions remains the same with the wrong unit cost on the sales invoice line.

Is there any way we can correct this unit cost on the sales invoice line?

I think there is no need to worry about that one on Sales Line.
Just ignore it.