Adjusting Part Costs on a Purchase Order

If a part's price needs to be changed after it has been received, follow these steps to adjust the cost:

Open the purchase order and add the part with the original cost, entering the quantity as a negative value (e.g., -1) 

Receive this line to remove the original cost from inventory.

Next, add the part again with the correct price and a positive quantity (e.g., 1), then receive this line to reflect the updated cost. Verify that inventory and cost records are accurate after the adjustments.