Returning a purchase
I am trying to return an item, which inventory displays x22 on hand. I am trying to return this x22 in 'Purchases' to generate a credit/return however no matter how many times I try it comes up with ...
Forum Discussion
Hi nicolehealey1 , thank you for these figures. Since you want to credit out all the remaining stock, and the supplier credit has to be -22 at $22.10 = -$486.20, then you are going to have to reduce the value of stock on hand (via an inventory adjustment) before you can record the credit.
The inventory adjustment should have:
NIL for the quantity
NIL for the unit cost
-$83.65 for the amount ($486.20 desired value less $569.85 existing value)
Use a cost of sales/expense GL code such as inventory adjustments (5-xxxx or 6-xxxx as you prefer).
After this correction, the on-hand stock will be valued at $486.20 and you can record the credit.
Mike_Jamesgreat thank you!! that worked :)
