This instruction describes how you can reset the stock value completely in terms of both quantities and value using an inventory entry. This instruction is also suitable for correcting the stock value if the value of a product is incorrect.
CONTENTS
If it is necessary to reset the stock value completely in terms of both quantities and value and then update the new corrected stock value, you must first reset the stock value with one inventory entry and then mark the correct balances of the products with another inventory entry. This same instruction can also be used to correct the stock value if it is incorrect for some product. First, inventory the product to zero, check that the value is zero, and then re-inventory it with the correct quantity and purchase price.
Resetting stock and changing stock value
Detailed instructions for making an inventory can be found in the following help: Inventory
NOTE! Before making a new inventory, ensure that the products have the correct purchase price.
1. Inventory the stock to zero through the process basket
2. Check if there are products in stock whose balance is zero but have value. If such products are found, run the correction report to zero the stock value if necessary. Go to Products > Stock reports > Stock value correction report. More information about reports can be found in the Stock management reports help
- Stock value correction report: Bring to the report, based on search criteria, products whose stock quantity is zero but whose stock value deviates from zero. Through the extended search, you can change the day when the correction transaction is recorded for this selected day. Additionally, on the page, you can select the desired products and automatically create a stock value correction transaction for them. The function creates a new stock transaction row that zeroes the deviation in stock value. A correction transaction is formed in stock transactions, the sum of which is the opposite of the separating sum. The action does not affect the average price.
Note! The stock value correction report uses the option "recorded for the transaction" as the purchase price. If you use the correction report, you can no longer use any other purchase price in stock management reports than "recorded for the transaction" for the respective product.
3. Inventory the products with the correct values and balances. This way, the correct average price will appear behind the product.
This transaction corrects the stock value for the day these specific actions are performed. The action does not affect retroactively, meaning old transactions retain previously recorded values. Also, open sales and purchase transactions are not affected by the inventory entry, but the stock decreases/increases according to the delivery date of the sales transaction/purchase order.
Inventorying through the process basket cannot be done retroactively, and previous sales transactions cannot be linked to this inventory entry.
Changing average stock price in FIFO processing
The average stock price is calculated from the average price of existing stock transactions. If this needs to be reset and a new desired value obtained, proceed as follows.
First, inventory the product to zero according to the above instructions for each possible stock. Set the purchase price to zero in the inventory. This does not yet reset the purchase price, but then make a new inventory entry with the correct desired average price in the desired stock. This updates the product's average price to this new purchase price.
Keywords: Stock management, inventory entry, stock value correction, average price, FIFO, correction report
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