Problem: I have excessive amount occurred because of Inventory Write off done by Average Cost , how can I fix it?
Solution: The reversal entry for excessive expense and register correction for the inventory should be done.
1) Item has excessive amount - 267,823.99 occurred because of Inventory Write off
2) Check the transactions for Inventory Write off:
3) Enter reversal Other Expense document for the same :
4) Check Inventory and Expense Register in the Inentory Write off for the same Item:
5) Enter register correction for the above as Receipt :
fill as below and save :
Period | 31/12/2021 00:00:00 |
# | 1 |
Activity | Yes |
Register records type | Receipt |
Entity | AMISTAD OILFIELD ENGINEERING SERVICES LLC |
Warehouse / Department / Company | AMISTAD OFES _ ACT SITE OFFICE |
GL Account | |
GL Account | Goods |
Item | SS Plate-A240 GR.304L-12000X2000X6.00 |
Batch | |
Quantity | |
Amount | 267,823.99 |
Corr. Structural Unit | |
Corr. GL Account | |
Corr. GL Account | |
Corr. Item | |
Corr. Batch | |
Corr. Order | |
Specification | |
Corr. Specification | |
Order Sales | |
Sales Document | Inventory Write Off AM0021-00000108 dated 04/11/2021 00:00:00 |
Sales Department | AMISTAD OFES _ ACT SITE OFFICE |
Responsible | |
VAT Rate | |
Fixed Cost | No |
Production Expenses | No |
Return | No |
Return Type | |
Content of Transaction | |
Business Activity Sales | |
Expense Item | |
Corr. Expense Item | |
Cost Of Goods Sold GL Account | |
Project | |
Project Task | |
Sales Item | SS Plate-A240 GR.304L-12000X2000X6.00 |
6) Check the statements and reports: