Dear Experts,
I have a query regarding Inventory Closing. We are using Item Model Group FIFO for all items.
For August month end, we tried to make all inventory Quantity and Value to Zero. It was completed successfully for maximum number of items. But some item value was not zero. It has some cost some items with negative Value, and some are with positive value as per Inventory value report. So, we planned to make the cost adjustment in September inventory close. And added revised quantity and value on September 1st 2019 for all items.
I observed some sample items which has some open orders transactions with product receipt posted in the year 2018 but not invoiced.
Inventory was closed for the year 2018 for the entire year, then inventory close is continued on monthly basis every month for the year 2019. So, it was completed till Aug 2019. Further no transactions are posted in August or September month.
When we closed inventory for the September 2019, I observed the cost for the transaction (posted in August month to make Quantity and value zero) was changed again.
Can anybody suggest me why the closed period transaction cost is changed and how to make the old stock value to be zero. Then we can updated revised stock and value for further on going.
Thanks in advance
