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Kitkat2
Level 3

Journal Entries to Adjust Materials

I have entered invoices from vendors as Labor and Materials.  I now have to adjust due to knowing the true costs of materials.  I would like to make a journal entry, but it does not allow it to show up under that vendor.  For example.  XYZ Company has $40,000 in labor and materials.  I need to adjust so their records show they have $28,000 in labor and $12,000 in materials.  How do I make a journal entry so it shows on their report?  It doesn't appear properly if I make the JE.

Solved
Best answer June 22, 2020

Best Answers
KathyS296
Level 4

Journal Entries to Adjust Materials

Enter a bill from the vendor - zero amount if the total amount due the vendor has not changed.

Use 2 lines on the bill to increase one account and decrease the other.

 

If this answers your situation please mark this as solved.

 

View solution in original post

2 Comments
KathyS296
Level 4

Journal Entries to Adjust Materials

Enter a bill from the vendor - zero amount if the total amount due the vendor has not changed.

Use 2 lines on the bill to increase one account and decrease the other.

 

If this answers your situation please mark this as solved.

 

View solution in original post

Kitkat2
Level 3

Journal Entries to Adjust Materials

Thank you! That is what I did since the JE wouldn't work.  Appreciate your response.

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