When items are shipped back to the vendor using the Return to Vendor System, Pending records are used to track the items and quantities shipped out.
As each RTV shipment is processed, the system creates an invoice document for the shipment, and it creates Pending records for each line item being shipped to the Vendor. The Pending records store the invoice, invoice line, company, ShipTo company (vendor), item number and cost of each item sent back to each vendor. The Pending records are assigned a type of V (vendor return) and a status of O (open) when they are created.
The RTV Pending records represent inventory that you own, but that is not present in one of your warehouse facilities. The open RTV Pending records are part of your inventory balance in the general ledger, and they can be output and valued using the Aged Pending Inventory report.
The RTV Management program can also be used to view and locate RTV Pending records. Display options in the program allow you to view both open and closed vendor return transactions.
Once a vendor has determined how returned items are to be handled, and has issued a credit or has shipped you replacement or repaired merchandise, the pending records for the items are closed out using the RTV Management program. At this point, the cleared quantity and the status in each Pending record is updated as required.
More: