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How to Zero out Variances accounts?

Hell Experts,

Can you explain me in details the impact of below listed accounts

Account Code Variance Account Balance 50300704 WIP Variances -325,05,627.96 50300705 Stock Revaluation Gain/Loss -1,063,357,190.13 50300703 Stock Offset Difference -450,37,529.99 50300702 Price Differences Account 8,13,730.49

Since this balances are showing a Negative balances , how will i rectify this?

I want to zero this out and start with New entries in database and see the impact

please suggest how do i go about this?

Thanks in Advance.

Regards

Altaf

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  • Posted on Jul 14, 2016 at 12:46 AM

    Those are operating accounts, you should zero them out at the end of a period to reflect those things on your B/S. I would suggest you to talk to your accountant to see the process.

    Frank

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