Inventory Valuation

vikki

Hi All,

I have an issue regarding the inventory, my client is into the business of textiles, most of the items "Unit of Measure" is in KGS and their conversion is in QTL, but the problem is, in most of items the conversion is

1 KG = 1 QTL;
1 KG = 0.01 QTL;
1 KG = 0.001 QTL;

due to this the value in the inventory field on the item card is not showing the correct value.

For future purposes, I can make correct conversion rates, this might give corect values in future.

but can anyone give me sugesstion on how to update the old stock?


-Regards

ssingla

The best way to rectify it is to reverse the posted transaction manually and post it correctly. This can have impact on the customer/vendor ledger so decide accordingly.

ritesh.singh

ssingla wrote:

The best way to rectify it is to reverse the posted transaction manually and post it correctly.

Hi Sandeep

Please let me know what all the processes are required to reverse the transaction manually?

vikki

Hi Sandeep,

Please tell me how to reverse, because there are thousands of entries in the database? Select them manually and reverse them or is there any other procedure, and what would be the financial impact on this?


Regards
Vikki

ssingla

ritesh.singh wrote:

Hi Sandeep

Please let me know what all the processes are required to reverse the transaction manually?

For purchase transaction a purchase return, for sale invoice a sales return order and so on...... :bug:

ssingla

If lot of entries has been already posted then I will recommend change the "Qty Per UOM" values and then run the Physical Inventory journal. The financial impact needs to be tracked and pass the necessary Journal Voucher. Also run the Revaluation Journal.

Alternatively block these items and create new item code with correct UOM values.