If the prices on your vendor invoice are different than the purchase order and you know they are incorrect at the time of product receipt, you have two options:
- Post a new receipt to correct the price in the Inventory Receipt window OR void the original receipt transaction and re-enter it.
- Wait until you have the Purchase Invoice to enter the new pricing. Creating the PO Invoice will reconcile the difference between receipt and Invoice price.
If an item is received with an incorrect cost and you don’t want to do option 2 above, you can either void and re-create the transaction or go back and post an adjusting receipt to correct the inventory value and Accrued Purchase Receipts account. This adjusting receipt will be a new Inventory Receipt that points to your PO number and will be a positive and negative of the original ordered quantity, but with different unit costs. The negative quantity will subtract the original receipt value and the positive will record the new receipt value.
The Correcting incorrect inventory receipts article has some example scenarios.
Create New Inventory Receipt Session
- Select Inventory > Receipts to open the Inventory Receipts window.
- Click the New button.
- Use the Lookup button next to the Purchase Order field to select the Purchase Order (if original receipt was related to a PO).
- Choose original Session date of the incorrect receipt transaction.
Subtract the Original Receipt Value
- In the data grid, click inside the Product ID field. Then click the Lookup button.
- Select the product you want to correct. (If a Purchase Order was selected, only products on that PO will be displayed.)
- Once product has been selected, enter the original received quantity as negative in the Received field to reverse the original quantity received. Verify that the unit cost is the same as the original receipt. This needs to match up to reverse the original receipt.
Record the New Receipt Value
- On the next line in the data grid, click inside the Product ID field. Then click the Lookup button.
- Select the same product as above.
- Enter the original received quantity again, this time as a positive.
- Change the unit cost to the correct amount that your vendor is charging. These changes are the new receipt value.
- Review the products and corrections on the screen and save the transaction. Your inventory in the database has not yet been updated.
- To post your inventory transaction, click the Post button. You will receive a pop-up window asking if you want to post your inventory transaction.
- Click Yes to post (update) the inventory. Click No to stop the posting process.
When posting is successful, corrections will be made to the inventory value, Accrued Purchase Receipts account and purchase invoice.
- When you have successfully updated your inventory, the Report Selection Criteria window will open for the Inventory Receipts > Transactions Report, which will display the changes to the inventory receipt cost.
- Select the appropriate buttons, to print or preview the report.