Hello,
For those who sell parts and perform reverse invoice, have you seen this
before?
We upgraded from 2.4 to 2.8 last May, and this is what we discover
recently while try to close our last year's book. The sales, inventory,
and purchasing numbers were wrong. We had created two test cases with
2.8.11 and 2.8.24 and the results were the same.
1. create test part A cost $10 each and sell price $20 each, shipping
service B, and restock fee service C in goods and services.
2. create vendor invoice of 100 pieces test part A.
3. create sales invoide of 1 each part A for $20 and shipping for $10,
total sales $30.
4. Reverse the about invoice, non-refundable shipping, and $4 restock fee.
Total credit $16.
The income statement now say...
INCOME
Apr 08 2009
SALES REVENUE
4010 - Sales 24.00 *** Should be $4 (restock fee). Part A was returned.
SALES REVENUE 24.00
OTHER REVENUE
4430 - Shipping & Handling 10.00
OTHER REVENUE 10.00
TOTAL INCOME 34.00 ***Should be $14
EXPENSES
COST OF GOODS SOLD
5010 - Purchases 10.00
COST OF GOODS SOLD 10.00
TOTAL EXPENSES 10.00 *** Should be $0 since part A was returned.
INCOME / (LOSS) 24.00 ***Should be $14
And the balance sheet say...
ASSETS
Apr 08 2009
CURRENT ASSETS
1060 - Checking Account 14.00
CURRENT ASSETS 14.00
INVENTORY ASSETS
1510 - Inventory 1,010.00
INVENTORY ASSETS 1,010.00 *** should be $1000. Part A was returned.
TOTAL ASSETS 1,024.00 *** should be $1014.
LIABILITIES
CURRENT LIABILITIES
2100 - Accounts Payable 1,000.00
CURRENT LIABILITIES 1,000.00
TOTAL LIABILITIES 1,000.00
SHAREHOLDER'S EQUITY
Current Earnings 24.00
TOTAL EQUITY 24.00 *** should be $14 from earning
TOTAL LIABILITIES & EQUITY 1,024.00 *** should be $1014.
Is this just me and can anyone give me some input? I really appreciate
your help! Thanks!
Regards,
Tim
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