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Using a price correction when a supplier sends an invoice for a change in unit price for an invoice you have matched to a purchase order. You can record a price correction by entering a standard credit or a debit memo invoice and then checking Price Correction when you perform matching. Payables records and updates the invoiced unit price of previously matched purchase order shipment or distributions without adjusting the quantity billed so you can track price variances; Payables also updates the amount billed on the original matched purchase order distributions.
AP Invoice +$20
Price correction
AP Invoice $500
PO Match
PO $500
Price correction
Increase for a PO
Current PO status
DR. [AP Accrual] Liability-Accrual Stock $10470 CR. [Liability] Liability-Trade Creditors $10470
DR. [Invoice Price Variance] Liability-IPV $300 CR. [Liability] Liability-Trade Creditor $300
Final PO status
Original PO and Invoice doesnt change.
Decrease for a PO
We use the same case with previous Price Increment
DR. [Liability] Liability-Trade Creditors $600 CR. [Invoice Price Variance] Liability-IPV $600
Final PO Status
PO and the original Invoice has no change.