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Former Member

Correcting Stock Value due to Revaluation Done in wrong Month

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

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1 Answer

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    Former Member
    May 24, 2011 at 12:15 PM

    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

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