How to clear the purchase variance

purchase variance caused by a PO receives in the wrong currency. The item has been received and inspected to stock before the PO changed to correct currency. And the price has affected our average unit cost.
Any suggestion to clear this purchase variance?

If it hasn’t been invoiced yet, you can un-receive it. Not sure how the inspection step might affect this.

You un-receive by opening the packing slip in Receipt Entry, and unchecking the Received flag on the line. This will make a PUR-STK with a negative qty. The tran date will be that of the original receipt date.

If that doesn’t work, and I am betting the inspection will cause a problem, do a cost adjustment, to get the cost right using a reason code of PPV and make sure the reason code GL Control points to the PPV G/L account. If you don’t use
the reason code, you will need to do a journal entry from the PPV account to the inventory adjustment account.

Charlie

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