We had a PO Receipt in one period, and we had performed returns against this PO in another period by mistake, in order to correct this if we need Corrections functionality we are unable to get accurate accounting needed to reverse the transactions accounting impacts. Kindly suggest a work around for to achieve this adjustment.Urgent response is required.
If periods are not closed, you can do a new Receipt to adjust the RTV and then perform another RTV to correct the original receipt.
If the periods are closed, there is nothing you can do. However, I am not sure why you have a problem with a/c.
The period when the receipt occurred will show a/c payable entry and an inventory asset valuation entry.
When you perform RTV in the next period, both these entries will be negated.