Wrong item cost

[Former Member]

Dear experts,

I have 3 items which were wrongly captured on PO and wrongly received in stocks, they were captured and received with higher prices than the norm. The biggest problem I am having is even if I receive new items with the right price in stock the item cost in stock is still incorrect due to the old stock which was received with the wrong price, (I believe due to the moving average method). How can the item cost for stocks be adjusted to read the correct figure, please help coz this issue has been pending for so long.

Patrick.

[Former Member · Accepted solution]

Dear Patrick,

You have to do Inventory Revaluation to bring back the distorted cost.

Thanks,

Gordon

[Former Member · Accepted solution]

Hi Gordon,

Thanks, how do you go about inventory revaluation, any link or steps to follow coz have never done in B1.

Patrick

[Former Member · Accepted solution]

Hi Patrick........

For Inventory Revaluation you have to go to Inventory> Inventory Transactions> Inventory Revaluation--> Select Item and warehouse and its corresponding Current Unit Price will come and enter the right price in new cost field.......

You have to also give proper GL account in the next GL columns for Inventory increase and decrease account as this will be going captured an accounting entry.....

Regards,

Rahul

[Former Member · Accepted solution]

Hi Rahul,

Thanks, this has really helped, you guyz are great!

Patrick

[Former Member]

Dear Patrick,

Suggestion given by expert is perfect.

Use comfortable path as per requirement.

Regards

Mangesh Pagdhare

[Former Member]

Hi Patrick..

You may reverse the transactions which was captured at wrong price and correct it accordingly or you may revaluate the Inventory with correct unit price......

Regards,

Rahul