Re: [WebERP-developers] How to change the wrong material cost?

[Phil D. <ph...@lo...>]

Hi Exson,

For the transactions you describe the Standard Cost and Weighted Average 
cost journals are the same.

So each journal needs to be restated at the correct cost

When goods are received the entry is:

DR stock at standard x quantity received
CR GRN suspense

However, the standard at the time the goods are recieved is recorded in 
the GRN record - so when the purchase invoice is entered only the amount 
recorded in the GRN record is reversed - DR GRN suspense, CR account 
payable control DR/CR purchase price variance - so when the invoice 
comes in another journal needs to be done to correct the variance - if 
using weighted average then the variances is posted the stock value and 
value recalculated - i.e. the cost will fix itself.

When goods are sold the entries are:

DR COGS @ standard x quantity
CR Stock @ standard x quantity


Phil

Phil Daintree
Logic Works Ltd - +64 (0)275 567890
http://www.logicworks.co.nz

On 30/05/14 03:14, ExsonQu wrote:
> *Dear all:*
>
>        I've received a question about how to correct the wrong cost data. The
> scenario is that:
>    
>        1. The original input cost is wrong. The mistake has not been detected
> until some goods received and vendors' invoice has been input.
>        2. Some goods sold at this wrong cost. Total 5 transactions happened.
>
>        Is there any way to correct the wrong data of those transaction?
>
>        Thanks in advance for your comments!
>
>        Best regards!
>
>        Exson
>
>    
>
>
>
> --
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