Inventory item setup as a stock item, not assembly

[mcarey101]

We have 4 items that we sell. They are assemblies in Peachtree as they are made up from several compenents from different vendors. The 4th item was setup as a stock item instead of an assembly by a former employee. This was done a year ago and we have sold several thousand of these.

The other 3 items are assemblies and are being processed normally- create a PO, do a Purchases/Receive Inventory for the items, then build the assembly.

For the bad stock item, to make our inventory numbers for this unit in Peachtree match the actual numbers, I created inventory adjustments to "build" these items. But that created very large credits to COGS, which throws our financial statements off.

HELP! How can I correct this situation ?


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[crystalpro]

You need to set up a new inventory item using the item class of "assembly" and start using it immediately. Change the item description of the bad item to "DO NOT USE-XXXXXX" where XXXXXX is the old description and mark the item as "inactive".

You need to make a journal entry to correct your inventory and COGS accounts. You may need to do this as a prior period adjustment so you don't affect the current financial stmts: Maintain, Chart of Accounts. Select beginning balances button and select the prior period you want to post the amounts to.

 

[kpb1385]

If you're using Peachtree 2000, I just discovered a solution to the same problem. I exported the stock ID & type in a text file, imported it into Microsoft Access, changed the type from "U" to "A", exported it as a text file, and then imported it into Peachtree. It is then set up as an assembly item.