Correcting Stock Value due to Revaluation Done in wrong Month

[Former Member]

Dear Experts,

I have a client who passed a stock revaluation as at 31/03/2011 on 29/04/2011. This means the revaluation was done for stocks of 29/04/2011 on 31/03/2011. This has lead the TB as at 31/03/2011 to show negative inventory. What will be the best way to correct this in the G/L as well as in the stock audit report. I would like to reverse the whole transaction as at 31/03/2011.

Regards

Antony

[Former Member]

Dear Antony,

This will be a very tough job to do. The best way actually is to restore the old backup. However, that is not realistic. You must do a revaluation again for the same date to reverse to the old value. This is easy to say but hard to do. Try it.

Thanks,

Gordon