In our main company, I was keying an invoice that had a price variance. I looked at the Distribution and the variance was hitting the Inventory G/L account. The Accounting Manager has changed the inventory card to not allow posting except through the inventory module. I looked at the Vendor's Card, at the Accounts tab. Price Variances are supposed to go to a COST of GOODS account, COGS-Price Variance.
Is there another place with a setting that is not correct, that I should change?
Thank @Matthew Arp I do not want to do any re-valuing for the item(s). I just want the difference to go to the Purchase Price Variance, not to inventory. My inventory is too vast to pull up individually. But I am not seeing what you noted. We are on GP2015-R2.
Inventory > Cards > Item Purchasing Options [stops there]
I get this screen, which has nothing for price variances
Signature I pulled up an inventory item in card (actually six different ones) and the Accounts should Purchase Price Variance hitting the COGS section, not inventory. The item I noticed the issue was setup so that Purchase Price Variance would go to COGS, not Inventory.
This thread is super helpful, thanks @Matthew Arp! Two more follow up questions: 1) If the box is checked and the variance is set to go to an inventory account, will the Historical IV Trial Balance Inventory Activity Report have the updated invoice cost? 2) Does the INV Utility to Adjust Costs no longer need to be updated? We habitually have problems reconciling the GL to the TB report and I've always assumed it's because our PO=>Receipt cost doesn't match the Invoice cost, but it seems like with some cleanup to the account coding to push to the GL, the TB Item cost will match the cost hitting the GL, correct?
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