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Revaluation Journals


Use the Inventory Revaluation process to update inventory costs for transactions already posted in GoldFinch. This process also updates any FIFO layering associated with the updated cost.

Currently, only positive adjustment Item Ledger Entries are allowed to be revalued.   

  1. To adjust the Whse. Receipt cost before you receive the Purchase Invoice, read Adjusting Whse. Receipt Cost section below for details.

  2. To adjust the Whse. Receipt cost after you post the Purchase Invoice, or to adjust the output cost after you finish a Work Order, you must create a negative adjustment to take out the current inventory on hand, then create a positive adjustment to add back the inventory using the correct cost.

Creating a New Item Journal

Open the App Launcher. Search for Item Journals.

Click on New.

Select Revaluation Journal for the Record Type and click on Next.

Fill in the following fields:

  1. Enter the Posting Date.

  2. Select Add Journal Lines to enter Item Line information.

  3. Enter the Item to revalue. Only items with the FIFO costing method are available for revaluation.

  4. Select the Look-Up ILE. This is the Item Ledger Entry for which you will change the cost.  The Quantity (Base UOM Qty) and the Current Unit Cost appear automatically. 

  5. Enter the New Unit Cost for the entry.

When complete, select Save.

Enter Lot Numbers for Lot Tracked Items

If the item(s) are lot tracked, select the red Enter Lots button.

Select Add Tracking Lines to enter Lot numbers and the quantity. You may enter New Lot(s) to reclassify Item Lot if needed. GoldFinch will maintain the inventory cost linkage and the item traceability between the two lots. 

Save the Item Journal Line.

Post the Item Journal

Click on Post to post the Item Journal.

When posted, GoldFinch creates a new Cost Entry for the item and updates the Item Ledger Entry with the new cost.

Running Adjust Cost Routine

After posting the new cost for the inbound entry, you must execute the Adjust Cost Routine to update any outbound entries that are linked to the current entry. This process will update the costs of outbound entries with the new cost.

Adjusting Whse. Receipt Cost

  • On entering a Purchase Order, ensure to accurately enter the Unit Cost before creating the Whse. Receipt. Unit Cost on the Purchase Order is used to cost outbound transactions, such as Sales Invoices, before you receive and post Purchase Invoice.

  • To fix the Whse. Receipt cost before you receive and post the Purchase Invoice:

    • You can unpost and delete the Whse. Receipt, fix the Unit Cost on the Purchase Order, and then create and post the Whse. Receipt again.

    • If the received inventory is already used, you must unpost the outbound transactions first.

  • Alternatively, you can wait for the actual Purchase Invoice.  By posting the Purchase Invoice, GoldFinch will automatically adjust the Whse. Receipt cost and subsequent outbound cost.

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