Variance between GL inventory account balance and OPM inventory value
Hi everyone,
I am using OPM actual costing method (PPAC), I have set profile option GMF: Book Allocations using current period basis to YES.
Assume that we have a product x with openning balance Quantity = 20 TONs and Vale = 100$ (Unit cost = 5$).
Assume that the production quantity in that period was 50 Tons and GL expense was 200 $ (material cost = 0), OPM will generate the following journal as GL Allocation subevent:
Cr. ALC 200
Dr. INV 200
Assume that the usage quantity in that period was 30 TONs at 7$ as average unit cost.
Cr. INV 210
Dr. WIP 210
Which means the closing balance in GL will be 100$ + 200$ - 210$ = 90$.
But in OPM the inventroy value will be 40 TONs(Closing invntory QTY) * 7$(Average unit cost) = 280$.
I have faced this problem in all products, Can anybody explain to me how can I resolve this varainces.
Thanks
I haven't worked on PPAC but I assume its only a cost method to build the cost. Once costs are build GL entry happens in the same way.
You said that you first freeze the cost and then run subledger update report.
Once you freeze the cost, what cost do you see for product x?
Once you produce 20 TONS output; subledger update should generate entry as follows:
Cr WIP: cost*20
Dr INV: cost*20
Now you mentioned about title ALC (GL Allocation). I haven't seen that title.
Also at the period end we need to run revaluation of inventory for STND method, I am not sure if the same is required for PPAC. Try performing that in test instance to see accounting entries generated.
I am sorry if I confused you or didn't understand your question. I have used mostly worked with STND method and just trying to extend my experience with PPAC.
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