Objective
Goods receive (MIGO) has been completed with per PC price
0.20 USD and raw material was consumed. When
Bill submitted, after amendment per PC price would be 0.30 USD.
Purpose
Due to raw materials price change, When bill entering (MIRO),
residual amount would be adjusted with “Gain/Loss Price/Qty variance” GL .
Purchase order
Document
Please follow the below mention screenshot, goods receive
(MIGO) quantity 2000 PC with unit price 0.20 USD .
MIRO Document
Please follow the below mention screenshot, invoice quantity 2000 pc with revise unit price 0.30 USD instead of 0.20 USD. As a result, total Invoice amount would be 600 USD. Balance amount offering 400 USD because goods received (MIGO) amount was 400 USD.
Click the
tab for adjustment.
Due to raw materials price change, rest of the amount 200 USD would be charged with “Gain/Loss Price/Qty variance” GL.
Update the following required and optional fields
Field
Name
|
Description
|
Values
|
GL Account
|
Code identifying the
General Ledger account
|
Example: 520500
|
Amount
|
Amount of a adjustment
|
Example: 200
|
Cost center
|
Enter the Cost center code
|
Example : 2000
|
Tax Code
|
Mention Tax code
|
Example: Blank
|
FI Entry
Hi,
ReplyDeleteIf part of gr/ir stock move to cost center after migo($2 per unit) and before miro ($3 per unit). What will be the entries..plz clarify me with configuration
Thanks,
Mohan
Dear Mr. Mohan,
DeletePlease let me know first, price is changing as per Purchase order price or you want to change price directly? If new purchase order came then Materials moving price will be change automatically. Or if you change this price manually then residual stock of this materials moving average price will be change and rest of the amount will charged as P/L acct as like "Material price change variance".
Best Regards,
Russel.
Hi,
ReplyDeleteThanks for sharing valuable information. I have a business scenario. We have Scheduling agreement with multiple material line.
One of the material line is set up with multiple Validity dates for Price condition. for example
1: Validity 01.10.2014 - 31.10.2014 - Price is say 1205 EUR
2: Validity 01.11.2014 - 30.11.2014 - Price is say 1100 EUR.
We received goods towards end of October but GR is posted on 2nd November.
Then we received invoice and we did Invoice entry on 3rd Nov. The price printed on paper invoice for that material is 1205 EUR. However while posting GR and IR, Price 1205 EUR was not valid, hence system used 1100 EUR. But as per the paper invoice we are forced to change the amount as 1205 EUR .
How can we handle this situation. We want to use the Pricing which was valid on Invoice receipt date. Is it configurable ?
Very nice explanation..
ReplyDeleteDo we have to follow the same approach in case of quantity difference?