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Reversal of inventory cost posting

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Posted on by Y_A 289
Hi everyone, 
 
We have a particular client who decided to create an inventory item and use it for non-stock items i.e. they created an item with No. NONSTOCK and anytime that they sell either services or one-off items which they do not stock, they used to use this item in their Sales Orders. Of course, this has caused a mess in the value entries and the general ledger (within the inventory adjustment account). 
Seems like such transactions were mainly coming from Inventory Cost Posting (Source Code in the GL Register INVTPCOST). 
 
Is there a way how we can reverse this without causing more damage? 
 
Any help would be appreciated. 
 
Thanks in advance! 
Categories:
Financial Management
Other
Inventory and warehouse management
  • Y_A Profile Picture
    Y_A 289 on at
    Reversal of inventory cost posting
    Hi Inge, 
     
    Yes, they do have all sorts of item ledger entry types against it ...purchase, sale and negative/positive adjustments. 
     
    Will try with the revaluation journal although it is a bit difficult to calculate a value for what the 'stock' value should actually be. 
     
    Thanks! 
  • Suggested answer
    Inge M. Bruvik Profile Picture
    Inge M. Bruvik 32,746 Moderator on at
    Reversal of inventory cost posting
    To avoid item ledger entries being created they should create none inventory items.
    You can read more about them here:
    What costing method have they used on the item they called nonstock and do they have purchase transactions against the same item?
    Item revaluation is the best process for correcting the cost that is already posted.
    You can read more about that process here:
     
     
  • Suggested answer
    YUN ZHU Profile Picture
    YUN ZHU 70,593 Super User 2024 Season 2 on at
    Reversal of inventory cost posting
    Hi, you can use the Credit Memo if you want to make a reversal, but that takes a lot of work.
    If you just want to adjust the inventory value, you can use the function below.
     
    Hope this helps.
    Thanks.
    ZHU

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