5/10/2018 FICO: GR (MIGO) and IR (MIRO) Amount Difference /GR (MIGO) and IR (MIRO) difference amt charged with GL

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Saturday, January 26, 2013

GR (MIGO) and IR (MIRO) Amount Difference /GR (MIGO) and IR (MIRO) difference amt charged with
GL

Objective

Goods receive (MIGO) has been completed with per PC price 0.20 USD and raw material was consumed. When Bill submitted, after amendment per PC price would be 0.30 US

Purpose

Due to raw materials price change, When bill entering (MIRO), residual amount would be adjusted with “Gain/Loss Price/Qty variance” GL .

Purchase order Document

Please follow the below mention screenshot, goods receive (MIGO) quantity 2000 PC with unit price 0.20 USD .

MIRO Document

Please follow the below mention screenshot, invoice quantity 2000 pc with revise unit price 0.30 USD instead of 0.20 USD. As a result, total Invoice amount would be 600 USD.
Balance amount offering 400 USD because goods received (MIGO) amount was 400 USD.

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5/10/2018 FICO: GR (MIGO) and IR (MIRO) Amount Difference /GR (MIGO) and IR (MIRO) difference amt charged with GL

Click the tab for adjustment.

Due to raw materials price change, rest of the amount 200 USD would be charged with “Gain/Loss Price/Qty variance” GL.

Update the following required and optional fields

Field Name Description Values

GL Account Code identifying the General Ledger account Example: 520500
Amount Amount of a adjustment Example: 200
Cost center Enter the Cost center code Example : 2000
Tax Code Mention Tax code Example: Blank

FI Entry

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5/10/2018 FICO: GR (MIGO) and IR (MIRO) Amount Difference /GR (MIGO) and IR (MIRO) difference amt charged with GL

Posted by MD.TARIQUL ALAM RUSSEL at 10:45 AM

4 comments:

সামাউন খািলদ January 26, 2013 at 9:19 PM

good post

Reply

mohan June 26, 2014 at 3:39 AM

Hi,

If part of gr/ir stock move to cost center after migo($2 per unit) and before miro ($3 per unit). What will be the entries..plz clarify me with configuration

Thanks,
Mohan

Reply

Replies

MD.TARIQUL ALAM RUSSEL July 26, 2014 at 8:29 AM

Dear Mr. Mohan,

Please let me know first, price is changing as per Purchase order price or you want to change price directly? If new purchase order came then Materials moving price will be ch
automatically. Or if you change this price manually then residual stock of this materials moving average price will be change and rest of the amount will charged as P/L acct a
"Material price change variance".

Best Regards,
Russel.

Reply

Varun Lad November 5, 2014 at 4:41 AM

Hi,

Thanks for sharing valuable information. I have a business scenario. We have Scheduling agreement with multiple material line.
One of the material line is set up with multiple Validity dates for Price condition. for example
1: Validity 01.10.2014 - 31.10.2014 - Price is say 1205 EUR
2: Validity 01.11.2014 - 30.11.2014 - Price is say 1100 EUR.
We received goods towards end of October but GR is posted on 2nd November.
Then we received invoice and we did Invoice entry on 3rd Nov. The price printed on paper invoice for that material is 1205 EUR. However while posting GR and IR, Price 1205 EUR w
valid, hence system used 1100 EUR. But as per the paper invoice we are forced to change the amount as 1205 EUR .
How can we handle this situation. We want to use the Pricing which was valid on Invoice receipt date. Is it configurable ?

Reply

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5/10/2018 FICO: GR (MIGO) and IR (MIRO) Amount Difference /GR (MIGO) and IR (MIRO) difference amt charged with GL

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