Inventory Revaluation

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Posted on by Yumiko

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Hi,

Our Issue that needs support with relates to Inventory Valuation - dated 01/01/23. We were unable to complete inputting the stock take (dated 01/01/23). I am now needs an accurate inventory value for this date. What’s the best method for fixing this? Can we just take a copy of all inventory quantities as they are today. Then run a physical inventory journal and post it with the quantity as of the 01/01/23 – using this as the posting date. Then run the journal again, dated today and revert inventory quantities back to what they are now. Or will this cause issues elsewhere? And if so, is there a better way to do this? Do we need to use the revaluation journal? My understanding with this is we’d need to enter the total inventory value for each item rather than re-enter the inventory quantities.

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KasparsSemjonovs 3,907 Super User 2024 Season 2 on at

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RE: Inventory Revaluation

Revaluation journal - is used to change value of Your inventory (based on whole Item or specific inbound transaction)
Phys. Inventory Journal - is used to adjust Quantities of Your items in inventory.

Both processes ho hand-to-hand with each other and it doesn't matter (from system point of view) which You do first.

If You are talking about fresh company and need to adjust a lot/incorrectly posted stock - You can zero the inventory with Phys.Inventory Journal, and afterwards generate Item Journal lines with correct Opening quantities and value for each item.