I am trying to adjust costs on items previously received. We use FIFO and the items were received in at the wrong cost. They are usually shipped before I get the variance report letting me know of the error. When I use the help menu it tells me to do the following: Click the Lines tab. You must enter two adjustment lines per item. Each line on the receipt being adjusted will be for the original quantity received. On the first line, in the Quantity field, enter the receipt quantity as a negative number. In the Unit Cost field, enter the old cost amount as a positive number . On the second line, in the Quantity field, enter the receipt quantity as a positive number. In the Unit Cost field, enter the new cost as a positive number. For LIFO, FIFO, lot, or serial items, you must make both the negative and positive adjustments to the same cost tier (the receipt date and reference for LIFO, FIFO, lot, or serial number for lot or serial items) by clicking the Lot/Serial Distribution button on the Transaction Entry Lines tab and distributing the quantities to the correct cost tier. However, when I try to enter the negative amount it tells me that the quantity on hand is zero and that I can't exceed it. The only way I have found around this is to enter the new inventory at the new price, post out, then go back and take it out at the incorrect price and post out again. It's not convenient and if there is something on backorder, it immediately grabs my new product. I have to find the order, take it out then go back and take out the product at the old price. Am I missing something or is there an easier way that anyone can give me?
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