Hello, we were invoiced at an incorrect value by one of our suppliers. This invoice has been paid in full which has now affected our average cost. How do we amend the average cost to reflect correctly as you can not allocate the credit to the product???
Monique - my suggestion to correct this is to edit the bill that you entered from the supplier - for the overcharged item - enter in the cost price that was finally agreed to and sorted with the credit you received... then the difference - the overcharged amount... I would allocate this directly to an account on the Account tab (rather than the item tab)... put in a memo re the overcharge and reference the credit that was received. Now go and edit the credit you received and allocate this to that same account - so that these 2 amounts cancel each other out (make sure you use the same tax treatment for both)... and the correct cost price remains to give you an accurate average cost for this item. Does this make sense? Regards Linda