Difference Between Audit Report And Balance Sheet

[Former Member]

Hi

There is difference between stock audit report & Balance sheet due to below scenario

Sales a/c maintained in Revenue drawer(COA)

This account always will not display in records of stock audit report where it doesn't have stock transaction.But by mistake in Warehouse GL mapping in Sales return-Sales a/c is mapped wrongly(instead of Inventory a/c) and some sales return transactions is posted.

Ex: Sales return from X customer

  Item           Qty           unit price             Total

Fabric        10 pcs        Rs.100 each       1000.00

Now JE posted as below

Sales a/c    Dr  1000

Cost of goods sold a/c    Cr  1000

So how to rectify this issue by posting adjustment entry or etc solution,Balance in Sales a/c display through stock audit report should come to Zero value.

Please suggest.

Regards

M Om Sankeerth

[Former Member]

Hi Om

Sales a/c    Dr  1000

Cost of goods sold a/c    Cr  1000

I understand the Stock is IN with wrong Account

Log out all users,

change that WH Inventory account to Sales return a/c

Create Goods Issue by Choose (any temp / clearing account),

Sales a/c    Cr  1000

(any temp / clearing account), a/c    Dr  1000

Change Back the WH Inventory account to (Actual Inventory A/C)

Create Good Receipt by choosing the same (any temp / clearing account)

(Actual Inventory A/C)    Dr  1000

(any temp / clearing account), a/c    Cr  1000

hope this help

Sandeep