FAQ #: 67
I received in merchandise throught Stock Receipts Entry and updated the journal. When I received the invoice from the vendor, I realized that the cost was wrong when I received the merchandise in. How do I correct the cost in inventory?
If you have configured Accounts Payable to allow changing receipts cost (Configuration option # 3 under Accounts Payable), then the A/P Invoice Entry process will detect that the invoice totals do not match the stock receipts totals and automatically prompt you with the stock receipts screen so that you may edit the costs.
If you prefer, or if you do not have A/P set to allow changing receipts cost, you can use the Receipts Cost Maintenance program to correct the receipt and/or landed cost of an item. Enter the purchase order number that you originally received the merchandise in on. This program will then allow you to change the receipt cost and landed cost if necessary. The program will determine if you have already sold the merchandise. If you have, it will make correcting journal entries to the General Ledger for the difference in the cost. If the items have not yet been sold, the program will update the cost on the inventory master file.