Hi,
I have created a PO. Then I received it. My items in the PO are inventory items. I want to return the items and close the PO. The invoice from the vendor is not yet received.
When I received the PO my GL impact is:
Debit Inventory
Credit Accrued Purchase
When I create a vendor return the GL impact is:
Debit Purchases Returned not Credited
Credit Inventory
Since I will not create the credit memo, and I don't want to hit my AP account, I want to use Accrued Purchase Account instead of Purchases Returned not Credited Account to close the balance on Accrued Purchase Account.
The reason why I want to close the PO is because there is a variance in the price of the PO and the Vendor Bill. The vendor bill variance will only post this to the GL and not including the specific inventory item, thus my inventory report will not tally the GL account and my COGS will be understated if I sell this item.
Hope you can suggest a very good workaround in this that will not entail a lot of steps.
Thanks in advance.
Janice
