ISTech Support Forum - Finished goods inv won't trans to COGS

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Finished goods inv won't trans to COGS (Read 595 times)

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Finished goods inv won't trans to COGS
12/14/06 at 09:37:03

We have a multi-level job which was inadvertently closed and invoiced before the final work orders had been closed. The SO is closed and the Sales was credited. Now the work orders have been closed but the rolled up costs of the parent work order are still in Finished Goods.

How do I move the finished goods inventory costs to COGS on this closed SO?

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cathyh Active Member I used to be indecisive; now I'm not so sure...... Posts: 1210 Gender:	Re: Finished goods inv won't trans to COGS Reply #1 - 12/14/06 at 13:57:39 I would do a S type(shipping) adjustment in IN-C. It lets you reference a SO or Invoice number and customer. Just remember that a S type adjustment is a positive number, not a negative number like a regular A type.
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Lynn_Pantic Administrator evolution (n) - gradual change to a different form Posts: 5663	Re: Finished goods inv won't trans to COGS Reply #2 - 12/14/06 at 15:59:48 If you are just talking about dollars on the GL, make a Journal Entry and run UT-K-G.
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cathyh Active Member I used to be indecisive; now I'm not so sure...... Posts: 1210 Gender:	Re: Finished goods inv won't trans to COGS Reply #3 - 12/15/06 at 08:34:31 Yes my reply was only if the Finished Goods you are talking about is your FG inventory, not your GL account.
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Re: Finished goods inv won't trans to COGS
Reply #4 - 12/15/06 at 15:19:38

So, as I understand it, IN-C would only change the Finished Goods Inventory but not the Cost of Goods Sold.

And I am understanding the other suggestion by Lynn is to do a journal entry (GL-B) with a debit to COGS and a credit to FG Inv. I am guessing I would need to post that transaction in the period when the SO was closed. Then when I run UT-K-D, it will recalculate the amounts in the GL chart of accounts correcting my financial statements.

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Lynn_Pantic

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Re: Finished goods inv won't trans to COGS
Reply #5 - 12/15/06 at 18:35:25

I think You are making it more difficult than it is.

IN-C will hit both Inventory and GL. But I suspect you have the following situation (simplified perhaps):

Ship items before WO-I so COGS of shipment is 0 and inventory goes negative. Then WO-I and add items to FG Stock at correct cost.

UOH is now correct but Book Value and GL is off. UT-K-G and a Journal Entry will fix it.

Lynn Pantic
IS Tech Support
lynn@istechsupport.com

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