Dynamics GP - Items Received or adjusted in at incorrect cost. How do i fix it?

• Whenever an item is received at an incorrect cost, this is the full scope of all affected areas
• Incorrect Unit price on Purchase Receipt
• Item Cost in FIFO layer is incorrect (if using FIFO costing)
• Item Cost in Average Costing will calculate incorrectly (if using Average Costing)
• Incorrect Vendor Invoice total if generating AP invoice from receipt
• Incorrect Originating Invoice cost will come up the next time you purchase the item
• Current Cost on the Item card is incorrect
• Additional errors that snowball if this is not detected
• Item cost on all transfers is incorrect
• Item cost on all sales is incorrect
• Item cost on all returns is incorrect
• Item cost on all adjustments is incorrect
• Item cost on all assemblies / manufacturing is incorrect
• GL Values APPEAR incorrect, but these will match the subledger correctly
• Users may incorrectly assume the GL is inaccurate, and pass journals to adjust the values which in turn CAUSES the subledger to differ from the GL

• To Correct this situation
• Method 1 - No other transactions have happened against this item as yet - Purchase Return
• If possible, a purchase return should be done immediately to reverse the receipt
• A proper receipt should be re-done at the correct cost
• Method 2 - GL is open, Other transactions have already occurred - Adjust Cost Utility
• Microsoft Dynamics GP > Tools > Utilities > Inventory > Adjust Cost
• Select The receipt layer at the incorrect cost, and change the cost to the correct cost
• This will cause the system to go through ALL transactions where that cost layer used, and pass adjusting entries to the GL and Subledger to reflect the new cost

• If you have also received an incorrect quantity, you can
• Pass a negative adjustment to remove the stock at the old price, then adjust it back in at the correct price
• If you have already done the cost adjustment, you can use the Stock count module to set the stock to the correct quantity