Mask
Where inventory is revalued prior to finalising the shipment e.g. change in FX rate, price change in the stock lines, changes to import costs a journal is created on saving these changes. Any stock that has been sold/transferred since book in posts the price adjustment to the Cost of Good Variance account – Inventory Classifications. There is no impact on GST at this stage in the process and journal entries only apply to physical items.
Example - Price Change
| Quantity | Ex GST Unit Price |
Landed Cost Unit Price |
New Ex GST | New Landed Cost |
|
|---|---|---|---|---|---|
| Part A - Booked in | 1,000 | 50.00 | 60.00 | 58.00 | 68.00 |
| Part A - sold | 100 |
Journal
| Warehouse Mask |
Debit | Credit | |
|---|---|---|---|
| Part A - Delivered Asset - (Total Qty * Price Change) |
|
8,000.00 | |
| Part A - Delivered Liability |
|
8,000.00 | |
| Part A - Qty Sold * Price Change - Inventory Value Account |
|
800.00 | |
| Part A - Cost of Goods Sold Variance | 800.00 |
Example - Import Cost Change
| Quantity | Ex GST Unit Price |
Landed Cost Unit Price |
New Landed Cost |
|
|---|---|---|---|---|
| Part A - Booked in | 1,000 | 50.00 | 60.00 | 70.00 |
| Part A - sold | 100 |
Journal
| Warehouse Mask |
Debit | Credit | |
|---|---|---|---|
| Part A - Inventory Value - (Total Qty * Landed Cost Price Change) |
|
10,000.00 | |
| Import Cost Clearing Account - Shipment | 10,000.00 | ||
| Part A - Qty Sold * Price Change - Delivered Asset |
|
1,000.00 | |
| Part A - Cost of Goods Sold Variance | 1,000.00 |
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