Minus Stock

We have situations that we have to sell items before entring the receiving 
and costing. If we use the 'Override Shortage' Option GP allows to sell the 
items but how it does the costing and calculate the COGS. what is the best 
solution?

Thank You
0
Hesam (13)
6/23/2007 3:59:00 PM
greatplains 29623 articles. 6 followers. Follow

2 Replies
550 Views

Similar Articles

[PageSpeed] 50

When ever you sell an item, COGS is charged with the current value of the 
item.  This value is changed for average/perpetual items upon the receipt of 
new stock and for standard/periodic items when the costs are revalued.  Its 
actually a bit more complex but lets jump to the bottom line.

If you are on a perpetual cost, no issue.  Otherwise, the last cost 
calculations will be taken to COGS (not a major problem) but they will also 
be credited from Inventory Asset.  The next receipt will debit Inventory 
Asset but NOT at the cost of items sold, at the value of the items received.  
If for example, you have an item valued at $80 and sell one taking stock 
negative, IA will be credited for $80.  When you receive the replacement 
valued at $50, IA will be debited for $50.  Now your quantity on hand is zero 
and IA has a credit balance of $30.

This is a short comming of every perpetual inventory system I have seen in 
the past 38 years.  The solution is DONT invoice the transaction until 
inventory is available!  The cost and quantity adjustments are made durng 
posting.  The invoice can be printed and delivered to the customer. just dont 
post it.


-- 
Richard L. Whaley
Author / Consultant / MVP
Documentation for Software Users

Get our Free Tips and Tricks Newsletter and check out our books at 
http://www.AccoladePublications.com



"Hesam" wrote:

> We have situations that we have to sell items before entring the receiving 
> and costing. If we use the 'Override Shortage' Option GP allows to sell the 
> items but how it does the costing and calculate the COGS. what is the best 
> solution?
> 
> Thank You
0
info4071 (3004)
6/23/2007 5:22:00 PM
Thank you for the reply.

"Richard L. Whaley" wrote:

> When ever you sell an item, COGS is charged with the current value of the 
> item.  This value is changed for average/perpetual items upon the receipt of 
> new stock and for standard/periodic items when the costs are revalued.  Its 
> actually a bit more complex but lets jump to the bottom line.
> 
> If you are on a perpetual cost, no issue.  Otherwise, the last cost 
> calculations will be taken to COGS (not a major problem) but they will also 
> be credited from Inventory Asset.  The next receipt will debit Inventory 
> Asset but NOT at the cost of items sold, at the value of the items received.  
> If for example, you have an item valued at $80 and sell one taking stock 
> negative, IA will be credited for $80.  When you receive the replacement 
> valued at $50, IA will be debited for $50.  Now your quantity on hand is zero 
> and IA has a credit balance of $30.
> 
> This is a short comming of every perpetual inventory system I have seen in 
> the past 38 years.  The solution is DONT invoice the transaction until 
> inventory is available!  The cost and quantity adjustments are made durng 
> posting.  The invoice can be printed and delivered to the customer. just dont 
> post it.
> 
> 
> -- 
> Richard L. Whaley
> Author / Consultant / MVP
> Documentation for Software Users
> 
> Get our Free Tips and Tricks Newsletter and check out our books at 
> http://www.AccoladePublications.com
> 
> 
> 
> "Hesam" wrote:
> 
> > We have situations that we have to sell items before entring the receiving 
> > and costing. If we use the 'Override Shortage' Option GP allows to sell the 
> > items but how it does the costing and calculate the COGS. what is the best 
> > solution?
> > 
> > Thank You
0
Hesam (13)
6/24/2007 5:18:00 AM
Reply:

Similar Artilces:

historical stock quote web service
does anyone know of any *free* web services that will let me get historical stock quotes given the date and symbol? -- medicenpringles ------------------------------------------------------------------------ medicenpringles's Profile: http://www.excelforum.com/member.php?action=getinfo&userid=16458 View this thread: http://www.excelforum.com/showthread.php?threadid=490975 This is what I found with a google search: http://www.sls.lib.il.us/reference/por/features/99/stock.html http://tinyurl.com/4bfmf You can download an add-in that allows you to pull quotes from MSN (15 min ...

graph one minus graph 2
Hi, I need to deduct 2 graohs from each other in excel. The sets of data used to create the graph have different x values so I can't just deduct them from each other and because they have been collected from a research project they have no regularity to create a function or trendline. Is there anyway to create this at all? ther are more than a thousand values so this can't be done by hand. Any help would be appreciated It sounds like your chances of success are limited, but you could try to use worksheet formulas or a VB routine to produce interpolated results at various point...

What happens when a stock is renamed?
Hello, I currently download portfolio information from my Etrade brokerage acct. into Money 2002. I've noticed when a stock is renamed (i.e., AOL to TWX), shares of the new stock (TWX) are added to my portfolio, creating a double entry. However, what I really want is for the AOL entry to be *renamed* to TWX. I know I can always delete the AOL investment from the portfolio, but I want to retain the transaction history so I can calculate cost basis when I sell. I've tried to do "See Details" -> "Rename", but it complains that TWX is the symbol for an existing ...

Money recorded stock split incorrectly
My investment in UNH stock was updated incorrectly by the money software, instead of doubling the shares it halved them. How do I correct this? In microsoft.public.money, barbara wrote: >My investment in UNH stock was updated incorrectly by the >money software, instead of doubling the shares it halved >them. How do I correct this? Go to the investment details. UpdatePrices->UpdatePricesManually Look through the table and find the entries in the Source column that say "Stock Split". Delete the bad entry and enter a new split. Go to the portfolio and delete the i...

RMS Stock Quantities
We had 32 GC's in stock. We added 3 more. RMS still shows 32. Yesterday, even though we had 32 available, RMS had the qty as -3. We manually adjusted the QTY available to 32. It appears that somehow RMS does not know the correct QTY avaiable for this item. Is there some kind of IV reconcile utility for RMS to get this qty correct? This is a multi-part message in MIME format. ------=_NextPart_000_0016_01CAA65E.58110ED0 Content-Type: text/plain; charset="utf-8" Content-Transfer-Encoding: quoted-printable Rich, Make sure you have the serial numbers to sync wit...

Stock Trends
Hi, I'm looking for a way to create a spreadsheet that will dynamically track historical stock prices over time using a web data source; is there any way to accomplish this? Thanks in advance. Dennis Sending you a file of mine from the xltraders group. If anyone else desires, I will ONLY honor off list requests. -- Don Guillett Microsoft MVP Excel SalesAid Software dguillett1@austin.rr.com "Dennis" <dennis@home.net> wrote in message news:8BX%k.9519$vI1.3023@newsfe03.iad... > Hi, > > I'm looking for a way to create a spreadsheet that will dynamicall...

Detail Stock Status Report
Has anyone written a report, preferably in Crystal, that shows historical inventory levels with costing and broken out by date received? I need a historical stock status report that shows items on hand with typical information but grouped by year received. Has anyone done this or can anyone write it? We have done something in that basically brings all inventory transaction together on a single report. for an entire class at a time. With a running total by date. Preview it on our website http://www.cpsinc.ca/avail.html "Dan Shepherd" wrote: > Has anyone written a ...

Creating a report that tracks stock's life cycle (buy, transfer, s
Greetings and Salutations I purchase ABC stock, and it is held by my broker "Those Brothers". I purchase more ABC stock at different times. These transactions are recorded in Money. I move my investments from "Those Brothers" to the "Quiet Company" and I purchase more ABC stock at various times. The Transfer Out and the additional Buys are all recorded in Money. I decide to sell a lot of ABC stock (spanning multple purchases and multiple investment firms) and use the FIFO method. Somehow Money knows which shares it is selling, I would like to get a report...

Simple Stock Control Sheet
Im Trying To Write A Simple Sheet That Basicly Lists All The Components In Stock With There Quantities, And Then Have A Cell Dedicated To Selecting A Component And Entering A Quantity That Has Been Removed From The Total Individual Amount.i.e B1=(item)msc213 C1=(qty)23 G1=(item Selector, Select Say)msc213 H1=(qty Removed From Stores)2 That Would Then Subtract The Amount From The Right Cell 2-23=21. As Im A Beginnner Any Help With The Formula Would Be Great!!! Many Thanks -- alanled ------------------------------------------------------------------------ alanled's Profile: http://ww...

Stock Symbols #4
Using Money 2002. I have several accounts that use the same stock symbol and when I try to add an account to the portfolio I get an error message that says, "that symbol is in use by another account". Is there anyway of adding the other accounts? In microsoft.public.money, Neil Harrer wrote: >Using Money 2002. I have several accounts that use the same stock symbol and >when I try to add an account to the portfolio I get an error message that >says, "that symbol is in use by another account". Is there anyway of adding >the other accounts? You got a m...

Issue on Summary Historical Stock Report in GP9.0
When we run a summary historical stock status report by item and a detail historical stock status report by item, they are reporting all current receiving transactions, even though we are setting the As Of Date field to a previous date before the receiving transactions. This report worked correctly in GP7.5. This issue is causing us major issues with being able to do our month end inventory reporting. Any ideas? Thanks, Peter I posted this on the 20th March. I am experiencing the same problem, the first hotfix after SP2 corrected some of the problms but not all. Microsoft has a co...

Adding a horizontal line to a stock chart
Hi! I've got a stock chart displaying the average value and a high-low-line for each value displaying the min/max value. Furthermore I have the number of values the from which the min/max/avg values are derieved plotted on the secondary axis. Now I want to add a horizontal line for the primary axis at a given value. My solutions so far aren't really satisfactory. Solution 1: drawing a line Drawback: when the scaling changes, the line has to be moved. Solution 2: adding a new series with 2 fixed values and making a trendline out of it Drawback: the hi...

Stock Count Form
Does anyone know if you can modify the Stock Count Form so that it does not print stock where GP thinks there is none on hand. We would like to save a few trees... I would think you would be able to go into the report itself and just add a restriction right from the Report Definition and pressing the Restriction button. Enter in the restriction as QTY > 0 or possibly QTY <> 0. Use the correct table/field of course here for whatever the control table for the report is. That'll suppress your 0 lines. The only thing is if you do this, what if GP thinks you have 0 for Item X...

using stock
hello, i have been using retail management for about 3 weeks now. but i can't figure one thing out.... we use around 30 suppliers for our dollar store. and we also use our basement + back room as our stock room. in the basement as well as back room we have shelves with numbers on it. i want to know, how i can tell the software that I have 24 light bulbs in shelf 5 in the stock room so don't put that item on the purchase order or dont let any one order it. we would like to get the 24 light bulbs out of stock add them to the store inventory and let them sell out 1st. i have tr...

Importing historical adjusted stock prices?
I would like to put a list of stock ticker in excel and have excel import not only the day's closing price for those tickers, but also the adjusted closing price of a certain date from the past. Does anyone know how to do this or where I could go to look for this? Seems like a long time ago I remember a yahoo group that was involved in this sort of thing. Thanks. Schultz wrote: > I would like to put a list of stock ticker in excel and have excel import > not only the day's closing price for those tickers, but also the adjusted > closing price of a certain date from t...

webQuery with stock quotes: single cell, not multiple cells
Hi, Via Yahoo I am trying to get stock quotes into my Excel worksheet: So via goto A1, select Data->Get External Data->New Web Query and use e.g. http://finance.yahoo.com/d/quotes.csv?s=EBAY&f=sl The result is A1==EBAY,82.70,"1/27/2005","4:00pm",+0.38,82.64,83.75,81.68,17412500 Now, I expected that the above line can easily be positioned into different cells. Unfortunatelly I don't know how to do this. So I would like to have the above output like: A1 == EBAY B1==82.70 C1==1/27/2005 etc Does anybody know how to do this? I appreciate your help. ...

Retrieving stock data
In Excel97 I have been using "Multiple Price Quotes by PC Quote, Inc.iqy" to retrieve stock prices. It has stopped working. I have now tried "Microsoft Investor Stock Quotes.iqy". This works except the Microsoft one returns only the stock name while the PC Quote one used to return the stock name and symbol. I need the retrieval to return the symbol because I do a lookup (using OFFSET) based on the symbol. Is there another iqy file I should be using? Any ideas? See my answer to the question you asked in the yahoo xltraders group -- Don Guillett SalesAid Software d...

Stocks Gadget on Windows 7
I was disappointed that the Stocks gadget was not included on the final release version of Windows 7. After a Google search I ended up copying the gadget from the RC DVD. The gadget now installs but says 'Cannot connect to service'. Other gadgets such as the Currency and Weather ones which must connect somehow work. How do I enable the connection, alternatively would a copy of the Stocks gadget from Vista work? -- Michael Chare Michael Chare wrote: > I was disappointed that the Stocks gadget was not included on the final > release version of Windows...

Stock Symbol already in use
I'm trying to open an Employee Stock Options Account in Money 2003 Deluxe. I already have an account open in Money that is Hershey Stocks and the Symbol is HSY. The Employee Stock Option Account I'm trying to open also has the HSY Stock Symbol because it it Hershey Stocks (makes sense) I can't get past the point of entering the Stock Symbol in the Stock Options account becuase I get a message that tells me that symbol is already in use. Why and how do I get around this? -- Jerry And, there is no dropdown from which to selectthe symbol in Money 2003 -- Jerry "Jerry&q...

Historical Stock Status As of Date
This is a multi-part message in MIME format. ------=_NextPart_000_00A5_01C8845C.ADFC9B50 Content-Type: text/plain; charset="iso-8859-1" Content-Transfer-Encoding: quoted-printable Hello, I'd like to know whether anyone has encountered an issue wherein the As = of Date that is printed in the Historical Stock Status Detailed by Item = does not follow the date as indicated in the report options screen. = Currently we are trying to print the said report but no matter what date = we put in, the As of Date that prints on the report is set to 30 Jan = 2008. Is there anything that we...

calculate minus figures
Can anyone help me to calculate the minus figures only in a range of random costs? example £-2000.00 £ 1000.00 £ 560.00 £-4500.00 £-6500.00 these figures are random as per data entry to hours and cost etc. the figures are to show a loss in costs that could have been saved. i am using excell in office 2000. any help graciously appreciated. Thanks, Nigel Instead of something like sum(A1:10), use sumif(A1:A10,"<0") and should just sum those numbers less than zero. "Nigel" wrote: > Can anyone help me to calculate the minus figures on...

Hide datalabel values below 3 and above minus 3
Hello, I'am trying to write a macro that hides values below 3 and above -3 BUT without showing the decimals. The code here under works perfectly if numbers have no decimal, and I've tried so many things that I've lost my inspiration... Could anyone help me on this please Thanks a lot !!! ..../ With ActiveChar countSeries = .SeriesCollection.Coun For iserie = 1 To countSeries .SeriesCollection(iserie).DataLabels.NumberFormat = "[>=" & value & "];[<-" & value & "] Next iseri //... Try this in your code: &q...

Working with non-employee stock options
Hi all- After looking at Microsoft's knowledge base article on recording and tracking regular call/put stock options in Money (2002), I am confused because I can't get it to work, even when following MSFT's instructions explicitly. Basically, I have sold 100 covered calls that I am trying to track. I created a new investment for the options (the Scottrade symbol for June calls on DIA stock). It's unclear if in the "symbol" box, I am supposed to enter the options symbol or the symbol of the underlying stock. Right now I am using .DIAFY as the symbol. I ...

Find and Replace Technique to modify stock symbols.
I have a number of stock market symbols that I need to modify. For example, I must change: AAA.UN to AAA-UN. For some I need to modify AAA.UN to AAA-UN.TO .. In short, I simply want to change a period to a dash and for some add period TO . Is there a way of developing a macro to do this or use the "Find and Replace"? I don't want to retype all the symbols - chance of errors and would take a very long time. Any help here would be much appreciated. Thanks. Norm. You could easily use Find and replace Ctrl-H to replace period by dash, and probably to add -UNTO, if there is s...

Any Example of Stock dairies
Need examples of professional looking stock , bond , mutual fund charts. Any web pages for a newbie ? ...