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Inventory item setup as a stock item, not assembly

Inventory item setup as a stock item, not assembly

Inventory item setup as a stock item, not assembly

(OP)
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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RE: Inventory item setup as a stock item, not assembly

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.

RE: Inventory item setup as a stock item, not assembly

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.

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