Hello - I was wondering how we add data into the system with the Transaction Type of Journal Revaluation. What would that flow look like?
Hello.
I’m not totally clear on what you are trying to accomplish.
I assume you are trying to load starting balances for account currency balances. The transaction type that should be used is “Account Currency Adjustment”.
The transaction type “Account Currency Adjustment” will allow debits or credits to the additional currency fields in an operational ledger. It also allows unbalanced entries so you can adjust the additional currency of a single account.
If you need additional information, please let us know.
Hello,
I was just noticing that in our system of Journal Entries we had entries with the transaction type of Journal Revaluation but I was just curious how those were getting in there.
Journal Revaluation is not a Nextworld transaction type. I asked a colleague with access to look at the Cox environment and he does not see it as a custom transaction type. Could those transactions have been brought in through some type of integration directly to the table?
You said Journal Revaluation in your previous posts. You didn’t say Inventory Revaluation. Inventory Revaluation is a base Nextworld transaction type. So is Foreign Currency Revaluation.
1 Like
The Inventory Revaluation transaction type identifies changes to inventory valuation.
When inventory is valued at standard cost, revaluation occurs when a standard cost simulation is updated.
If the revaluation cost adjustment increases the standard cost value of the inventory, the Inventory account is debited and the Inventory Revaluation Offset mapping account is credited.
If the revaluation cost adjustment decreases the standard cost value of the inventory, the Inventory account is credited and the Inventory Revaluation Offset mapping account is debited.
When inventory is valued at average cost, revaluation occurs when an item is received into inventory.
If the cost adjustment increases the average cost value of the inventory, the Inventory account is debited and the Average Cost Change Variance mapping account is credited.
If the cost adjustment decreases the average cost value of the inventory, the Inventory account is credited and the Average Cost Change Variance mapping account is debited.
That makes sense thank you! Is the standard cost simulation update a report that is run?
Standard cost simulation is a process where, in a manufacturing environment, bills of material and routings, along with purchased item prices, direct labor and overhead rates are used to calculate a standard per item cost. This estimated standard item cost times the quantity of items in inventory represent the total standard costed value of inventory.
1 Like