Discussions
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Recalculate Item Receipt GL Impact
Hi All
I have an item using the standard costing method that had an invalid standard cost of zero and a revaluation, which has subsequently been received on a purchase order. The GL impact is currently crediting accrurals and debiting entire purchase order value to the "purchase price variances" account. Since the items were received I've :
1) Created a new standard cost version.
2) Set the item defined cost.
3) Performed a standard cost inventory rollup for that item.
4) Revalued the item with a valuation date prior to the first receipt.
The item now has a value on the item record, but the GL impact for the receipt transaction remains unchanged. Can the GL impact be corrected so that the "Stock" account is debited rater than purchase price variances ?