Reviewing an RTV Example
This example displays how RTV accounting entries are created.
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Inventory |
Accrued RTV Receivable |
Gain/Loss on RTV |
Accts Payable |
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500 (1) |
500 (1) |
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450 (2) |
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450 (2) |
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50 (3) |
50 (3) |
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In the PeopleSoft Inventory/Cost Management, inventory is reduced by the amount of the returned stock using the transaction group 012, Return to Vendor.
In the PeopleSoft Payables system, an debit voucher is entered, posted, and extracted. This credit voucher is for the cost of the returned stock plus any additional charges such as restocking fees. This amount may or may not match the value credited to the inventory account.
In the PeopleSoft Inventory/Cost Management, the difference between the credit voucher and the inventory stock reduction is recorded as a gain or loss due to RTV using the transaction group 415, RTV Variance.