Adjust Cost

The adjust cost function allows the user to change the cost of the selected item.  If it is a stock item, postings are made within the appropriate inventory and adjustment GL accounts specified within the System | Company Setup | GL Accounts Page 3.
 
 

Current Inventory Cost Adjustment

 
Current Inventory Adjustments creates general ledger postings dated today's date.
Adjust Cost
1

Item Information

1. Item Information
The item ID and description for the current item are displayed.
2

Cost Values

2. Cost Values
Editing the New Average Cost, New Last Cost, or Commission Cost changes the indicated value for the SKU but does not change the historic costs.  A change to the New Average Cost generates a posting to the General Ledger Distribution report and generates an Inventory and Adjustments posting according to the setup of GL Account Pages 1, 2, and 3.
3

Apply

3. Apply
 After entering a value in each field, the Apply Adjustment button becomes available to complete the posting.
 

Past Invoice Cost Adjustment

Past Invoice Cost Adjustments creates general ledger postings for the date of the original invoice date and allows the user to correct cost of historic invoices. 
The retail prices of prior invoices can not be changed. You must use POS | Manager Screen | Void Invoice or POS | Ring Sale | Refund depending upon the specific situation.
Adjust Cost
1

New Cost

1. New Cost
Entering a new cost into the indicated field updates the cost of the checked invoices.
2

Date Range

2. Date Range
Enter a date range of invoices to display, and click Apply.
3

Invoice Selection

3. Invoice Selection
Check which invoices to update.  Alternatively, you can click Check All to select all displayed invoices or Uncheck All to deselect all invoices.
4

Apply New Cost

4. Apply New Cost
Click the appropriate Apply button to apply the changes to the selected invoices.

Past Invoice Cost Adjustment Example

In this example of a past invoice cost adjustment, the invoice cost of 6.280 has replaced the cost of 1691.6712 on the checked invoices.
 
Adjust Cost
 

General Ledger Effect

This cost change creates Inventory Asset and Cost of Goods Sold adjustment postings for each invoice on the original invoice date.
The original Inventory Asset account and the associated Cost of Goods Sold postings (highlighted red) are reversed.  The new cost is then reflected with two correcting postings (highlighted blue) to the Inventory Asset and Cost of Goods Sold accounts.
 
 
The IC Adjustments report can be filtered to show only cost change adjustments.  For more information on the adjustments report, see IC | Reports | Adjustments.