How to Create a IVVRCT Source Code Transaction in Microsoft Dynamics GP

By Joleen Backlund

Did you ever wonder how an IVVRCT source code transaction is created in GP? (Click on images to view them larger).

JB1

Created new Inventory Item – 01IVVRCT

  • FIFO Perpetual

Enter PO # PO2117 for Qty 1 of Item # 01IVVRCT @ $10.00  (Vendor = ACETRAVE0001)

  • PO Date = 3/25/2017

JB2

Enter/Post Receipt/Shipment # RCT1207 (dated 3/26/2017) for 1 @ $25.00

JB3

Enter/Post Inventory – VARIANCE Transaction  ** Trx Date 3/31/2017

  • Decrease Qty ‘-1’ @ $25.00  ** Can’t edit Unit Cost when entering negative quantities transactions – GP automatically pulls from the inventory layers (viewable in Adjust Costs window)

JB4

Enter/Match PO Receipt to Invoice  **Invoice Date 4/12/2017

JB5

  • I change the Unit Cost to $42.22 to match the vendor invoice pricing – Creating a $17.22 price difference between the PO Receipt and the PO Invoice/Match
  • The PO Invoice/Match posts using the date assigned to the Purchasing Invoice (or Batch Date if posting by Batch Date)  4/12/2017
  • Xx

JB6

JB7

  • The Invoice Cost Variance Journal will show the Purchase Price Variance amount

JB8

  • The Purchase Receipts Update Detail by Document report is not available in GP v10

JB9

  • The Journal Entry that is created because of the Purchase Price Variance will post using the date of the Inventory Variance Transaction (Not the PO Invoice/Match)

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