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Does any one know how to reverse a Landed Cost? We had an entry with a clerical error and the amount was incorrect. Now inventory is overvalued and we have the amount sitting in the accrual account. The AP bill should address the accrual balance but will create a credit on the P&L variance account. Not sure how you address the inventory valuation. So looking for ways to edit, delete or otherwise correct the LC transaction.
Thanks for checking. After some testing I just created another LC off the PO Receipt for a negative value. This created the Debit Adj to offset initial LC amount and once I cleared the two AP bills I just did a third LC tran for the corrected amount.
Not sure if that was the ideal way but it seem to work.
Nice. I was wondering if that was the only way to do it. We're just starting to implement Landed Costs and I'm sure we'll have a clerical error here and there.
Now I'm trying to figure out how to record pass-through GST taxes in CAN as temporary landed costs - its ugly accounting 😠 . That's what originally led met to this post.
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