Revaluation Journals
Overview
The Inventory Revaluation process in GoldFinch allows you to update the inventory costs for transactions that have already been posted. This process also ensures any associated FIFO layering is updated with the correct cost.
Currently, only positive adjustment Item Ledger Entries (ILEs) can be revalued.
Creating a New Item Journal
Open the App Launcher and search for Item Journals.
Click New to create a new journal.
Select Revaluation Journal as the Record Type and click Next.
Fill in the following fields:
Posting Date: Enter the date of the revaluation.
Add Journal Lines: Click to enter the item details.
Item: Enter the item to be revalued. Only items using the FIFO costing method can be revalued.
Look-Up ILE: Select the Item Ledger Entry for which the cost will be updated. The Quantity (Base UOM Qty) and the Current Unit Cost will populate automatically.
New Unit Cost: Enter the updated unit cost for the selected entry.
Once completed, click Save.
Enter Lot Numbers for Lot-Tracked Items
If the item is lot-tracked, follow these steps:
Click the red Enter Lots button.
Select Add Tracking Lines to input the lot numbers and quantities.
After completing, click Save.
Posting the Item Journal
Click Post to finalize the Item Journal.
When posted, GoldFinch will create a new Cost Entry for the item and update the Item Ledger Entry with the new cost.
Running Adjust Cost Routine
After posting the new cost for the inbound entry, run the Adjust Cost Routine to update any outbound entries linked to the revalued entry. This will ensure all related outbound transactions reflect the updated cost.
Adjusting Whse. Receipt Cost
To adjust the warehouse receipt (Whse. Receipt) cost:
Before posting the Purchase Invoice, follow the steps in the Adjusting Whse. Receipt Cost section below.
After posting the Purchase Invoice, you must make adjustments by creating a negative adjustment to remove the current inventory, followed by a positive adjustment to add the inventory back at the correct 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.