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Evo-ERP and DBA Classic >> Accounting >> inventory account problem
http://www.istechforum.com/YaBB.pl?num=1092687855

Message started by bnothstine on 08/16/04 at 12:24:15

Title: inventory account problem
Post by bnothstine on 08/16/04 at 12:24:15

hi, we recently had our year end and have discovered a problem with our inventory g/l account value. We have a purchased item that is on consignment and we pay based on our last months usage of the finished item. Our supplier came to do a physical count and we had 0, however, we showed an extra $16000 worth of material that was not there. I did an inventory adjustment to take the on hand to 0. Then I ran my inventory value report to check and it showed $0. But when I compared the g/l transactions for this item it shows $16000 left in my purchased g/l account, if we have 0 on hand then this should also be zeroed out. But if I adjust this out of my purchased items account then it will hit COGS account and this really isn't correct either. Any suggestions? I believe we are now handling this issue correctly so this will not happen again but does anyone else have an item on consignment like this?