We’ve recently implemented Acumatica and part of the process entailed entering all of our 2022 data. Everything was well entered in Acumatica including the opening inventory of Jan 2022, opening Trial Balance etc. All transactions for receipt of inventory to date (we import inventory from overseas and sell them locally -we do not manufacture locally) have been well documented and received during 2022 and 2023.
We are facing challenges with the invoices we entered and released in the books. The invoices for sales for 2022 and i2023 were not entered and released chronologically. Given that the Company follows the FIFO inventory (First In First Out) valuation method, we are faced with a problem that cost of goods sold month wise are not correct (As many later month invoices were entered in the system first) and thus the current inventory valuation is not correct.
The Invoices (total more than 400) have all been entered and approved (released). We do not want to make any changes to the invoices as issuing credits and reprocessing will be a very lengthy process and may likely generate invoicing errors. The cost of goods sold in the GL is not correct for 2022 and 2023 as invoices were not entered date wise in Acumatica
What can we do to trigger the system to correct the cost of goods sold and inventory value considering we are on FIFO inventory valuation?
Best answer by Laura02
View original
