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Inventory Adjustment--Correcting in subsequent periods

edited Jun 2, 2025 2:50PM in Ask A Guru 6 comments

Hi There

I have the following scenario:

I am looking at an account where there are multiple issues with the inventory valuation:

  1. At go live, the incorrect stock on hand value (both quantity and $ value) was signed off by the accountant.
  2. As a result of 1., an attempt was made to 'receipt' stock that was missed in the original stock on hand upload. This was done through a series of inventory adjustments at $0 value

Most of the inventory is lot numbered.

They have not closed any accounting periods .

Their inventory is all average cost.

What would be the issues from adjusting the per unit $ value of the incorrect inventory adjustments (the ones done to receipt opening inventory stock post go live)?

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