Correcting valuation details for the parts

This page allows you to correct the value details for the part that is lot controlled. Tell me more

Select the “Edit Lot Value Details only for Actual Costing - Lot Controlled Parts” link in the “Edit Serial & Lot Details” page Or the “Edit Value Details” link in the “Edit Stock Correction” page.

Note: The system ensures that the selected stock correction document is not of Correction Basis "Repair Receipt" and Correction Type "Quantity and Value".

The “Edit Value Details” page appears.

The system displays the following in the “Stock Correction Details” group box:

Stock Correction #	The number identifying the stock correction document.
Status	The status of the stock correction document. The system displays “Draft” or “Fresh”.
Warehouse #	The number indicating the warehouse for which the stock correction document is raised.
Note: The system would display the “Warehouse #” only if the “Maintain Valuation At “ field in the “Set Inventory Options” activity of the “Logistics Common Master” business component is set as “Warehouse”. If the option is set as “Location”, then the “Warehouse #” will not be displayed.
Correction Type	The type of the correction which could be "Quantity" or "Value" or "Quantity & Value".
Base Currency	The currency of the stock correction

The system displays the following in the “Part Valuation Details” multiline:

Note: If this screen is invoked from the “Edit Serial & Lot Number Details” page, the system retrieves the information in the “Part Valuation Details“ multiline, only if the part is “Lot Controlled”, correction type is “Quantity & Value”, valuation method is “Actual Costing” and the correction quantity is “Positive”.

Note: If this screen is invoked from the “Edit Stock Correction” page, the system retrieves the information in the “Part Valuation Details” multiline based on the following conditions:

a) The correction type of the document is “Value” and the part valuation method is “Weighted Average”.

b) The part is “Lot Controlled”, correction type is “Value” and the valuation method is “Actual Costing“.

c) The correction type is “Quantity & Value”, valuation method is “Weighted Average” and the correction quantity is “Positive”.

d) The correction type is “Quantity & Value”, valuation method is “LIFO” or “FIFO”, the correction quantity is “Positive” and if the “Apply Default Correction Value” is checked.

e) The correction type is “Quantity & Value”, the valuation method is “LIFO” or “FIFO”, the correction quantity is “Positive”, the “Apply Default Correction Value” is not checked and if the value details for the Part number - Stock Status is not already entered in the “Correct Specific Receipts” page.

Part #	The number identifying the part.
Stock Status	The stock status of the part.
Manufacturer Lot #	The number identifying the lot number issued by the manufacturer.
Lot #	The number identifying the lot number of the part.
Part Description	The textual description of the part.
Part Control Type	The type of the part control, which could be “Serial Number” or “Lot Number”. The system ensures that atleast one part has type “Lot Number” with the “Expensing Policy” other than “On Receipt” in the interacting “Part Administration” business component.
Valuation Method	The valuation method adopted, which could be “Actual Cost” or “Weighted Average” or “LIFO” or “FIFO”.
Expensing Policy	The method for clearing off the value of the part from the inventory, such as On First Issue, On Phase Out, Core value on Phase Out or On Receipt.
Current Quantity	The quantity of the stock as maintained in the system for the part number and the stock status.
Current Value	The total value of the stock as maintained in the system for the part number and the stock status.

Note: “Manufacturer Lot #” and “Lot #” will be displayed only for the parts of valuation method “Actual Costing”.

Note: “Current Quantity” and “Current Value” will not be displayed for the parts of valuation method “LIFO” or “FIFO”.

Enter the following:

Correction Method	Use the drop-down list box to specify the correction method, which could be “Direct” or “Costing Method”.
	Direct – Indicates that the value can be directly corrected in the system. In this case, either Correction Value or Corrected Value has to be entered.
	Costing Method – Indicates that the correction value will be calculated by the system based on the valuation method. “Costing Method” value is applicable, only if the correction type is “Quantity & Value”.
	The system displays “Direct” by default.

Note: Ensure that “Correction Method” is set as “Direct”, if the correction type of the document is “Value”.

The system displays the following:

Correction Quantity

The difference between the physical stock quantity and the system stock quantity.

Enter the following:

Correction Value	The correction value for the part number and stock status (Decimal).
Note: The “Correction Value” is calculated as the difference between the “Corrected Value” and the “Current Value”.
Corrected Value	The value of the part corrected in the system when there is a discrepancy between the system stock quantity and the physical stock (Decimal).

Note: The “Corrected Value” is calculated as the total sum of the “Current Value” and the “Correction Value”.

Note: If the correction type is “Value”, then either “Correction Value” or “Corrected Value” has to be entered.

Click the “Edit Value Details” pushbutton to update the modified values.

If the page is launched from the “Edit Serial & Lot Details” page, the system performs the following on clicking “Edit Value Detail” pushbutton:

The system ignores the value selected in the “Correction Method”, if the part is “Lot Controlled” and the correction type is “Quantity & Value” and the valuation method is “Actual Costing”.

The system ensures that if there exist a “Correction Quantity” value, then either the “Correction Value” or the “Corrected Value” is entered.

The system ensures that the “Corrected Value” must be positive.

The system ensures that the “Correction Value” can only be positive.

The system updates the value stored for the Line No against the "S/L Details Link" in the main page to "Data Entered".

If the page is launched from the “Edit Stock Correction” page, the system performs the following on clicking “Edit Value Detail” pushbutton :

The system ignores the value selected in the “Correction Method”, if the correction type is “Value” and the valuation method is “Weighted Average”.

The system ensures that if there exists a “Correction Quantity” value and if the correction method selected is “Direct” then either the “Correction Value” or the “Corrected Value” is entered for a part with correction type as “Quantity & Value” and the valuation method as “Weighted Average” or “LIFO” or “FIFO”.

The system calculates the Correction Value & Corrected value, for a part with the correction method set as “Costing Method” in the following ways: follows :

a) If the valuation method is “Weighted Average

Correction value = (“Current Value” / “ “Current Quantity” ) * “Correction Quantity”.

The corrected value would be the total of the “Correction Value” and the “Current Value”.

b) If the valuation method is “LIFO”

The “Last Receipt Value” of the selected part would be considered and consumed first and the subsequent values would be considered and consumed next, based on the correction quantity. The consumption value of each receipt will be added to calculate the Correction Value.

c) If the valuation method is “FIFO”.

The “First Receipt Value” of the selected part would be considered and consumed first and the subsequent values would be considered and consumed next, based on the correction quantity. The consumption value of each receipt will be added to calculate the Correction Value.

Note: The Correction Value entered for the parts of valuation method “LIFO” or “FIFO”, will be considered as a separate receipt. And on authorization of the document, this receipt with the value will be added in the LIFO Table / FIFO Table with the receipt type as “Stock Correction”.

The system updates the value stored for the line number against the "Value Details Link" in the main page, as "Data Entered“.

Note: For the part with correction type as quantity and value, valuation method as LIFO / FIFO and with positive correction, if the values are nullified then the value stored for the line number against the "Value Details Link" in the main page, will be replaced by “Applicable”.

To proceed

Select the “Authorize Stock Correction” link to authorize the stock correction document.

What you can do in this page

Specify the correction method

You can correct the values of “lot controlled” parts and specify the method of correction.

Set the “Correction Method” field to “Direct”, if you wish to enter the correction value/corrected value directly.
Set the “Correction Method” field to “Costing Method”, if you wish to calculate the correction value based on “LIFO” or “FIFO” or “Weighted Average” method of costing.

Correcting valuation details for the parts – An overview

This page allows you to correct the value details for the part that is lot controlled or serial controlled or serial and lot controlled. You can set the method of stock correction to either “Direct” or “Costing method”. If “Costing method” is chosen as the correction method for the stock correction document, the system adopts the “LIFO” or “FIFO” or “Weighted Average” as the method of costing.

You can correct the value details of the part in the following circumstances:

The part is “Lot Controlled”, correction type is “ Value” and the valuation method is “Actual Costing”.

The correction type is “ Value” and the part valuation method is “Weighted Average”.

The correction type is “Quantity & Value”, the part valuation method is “LIFO” or “FIFO” or “Weighted Average” and the correction quantity is positive.

The part is “Lot Controlled”, correction type is “Quantity & Value”, the part valuation method is “Actual Costing” and the correction quantity is positive.