Consider we have Purchase Order created with 1000$. After 10 days Purchase Invoice comes with 1100$.
1-How can I recalculate Inventory Valuation? ( I know LCM work around is available but it is not linked to Purchase Invoice. Is there any standard solution?)
2-How can I close the Invoice account and Landed Cost account? any automatic solution?
Thanks for your reply.
Actually I need to add Invoice Price Variance (100$ in our example) as a extra charge to my Purchase Receipt and consequently update the inventory value by increasing 100$
Changing the buying settings to disable Maintain same rate does allow the price of the Item to be changed in the Purchase Receipt. . However it isn’t clear if the variance needs to be added separately as an added cost with regard to the Item, and if that cost has to be considered separately in the Landed Cost Voucher expense accounts.
In real world you need to increase Invoice Price by 100$.
and later add the extra amount of invoice as an Expense in Landed Cost Voucher.
But in Expense table in Landed Cost you don’t have option to select Invoice.
In Landed Cost Voucher, click on Receipt Document Type row and select Purchase Receipt or Puchase Invoice, then the Receipt Document column to select the receipt or invoice. What I may be missing is that the price of an item may not have changed, rather an additional cost must be added to the invoice and that cost allocated to an expense account on the applicable charges section of the voucher.