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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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 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