Review stock history under first in, first out

Steps

1. On the Overview, choose Review stock history. Each product shows its status and what the record shows. Nothing here changes anything until you approve it.
2. Reconstruction to confirm: the receipts explain every past sale exactly. Open it, check each sale against the receipts it came from, write what you checked and where (a supplier statement, a bill), and choose Record reconstruction.
3. Needs evidence review: the receipts do not explain every past sale. Open it and read the supporting documents, the stock on hand and where it is, and the layers the receipts support: under first in, first out, the units still here are the last ones received.
4. Choose the cutover date: on or after the product's last movement. If the layers add up exactly to the quantity and the value in the books, write what you checked, link the evidence, and choose Confirm opening layers. Nothing is posted; later sales are costed from those layers.
5. If the receipts value the stock differently from the books, the screen shows the value correction it would need: the value before and after (the quantity and where the stock is do not change), the sale where the error started, the reporting period, the business date, and the entry against the cost of sales account those sales used, with its effect on profit.
6. Posting a value correction is not available in this release. The screen says so, the product stays blocked, and Download review packet gives your accountant everything the screen shows. Where your administrator has turned it on, the next two steps apply.
7. Only a current-period error in the cost of sales, dated no later than today, is corrected, and only when statements for that period have not been issued. Say which period the error belongs to (your decision: the amount does not decide it). Record the reporting-period review: the start and end of the period, whether statements for it have been issued (No, Yes or Not known), and how you know. Nothing is filled in for you, and a period with no lock is not taken to be unissued. Confirm the quantity, the cost of each layer, and the returns, losses, builds, places, lots and serial numbers against your evidence, write what you checked, and choose Prepare correction. Nothing is posted yet.
8. A different owner or admin opens it, reads the reporting-period review as it was recorded, confirms it and confirms they have reviewed the accounting, then chooses Approve and post. The correcting entry, the opening layers and the approval are saved together, or not at all. If the error belongs to an earlier or closed period or a locked date, statements were issued or it is not known, or its cause is not clear, nothing is posted: choose Download review packet and give it to your accountant.

What you should see

The product can be sold again. Earlier sales keep their posted costs, earlier reports do not change, and Against the ledger still agrees. A posted correction is one dated entry, visible in the journal, with the reporting-period review the two people recorded and confirmed.

If it goes wrong

If someone changed the product since the review or the preparation, or the period was locked or the year moved on since, approving is refused: open it again and prepare it again. A changed reporting-period review is never an edit: withdraw the prepared correction and prepare it again. You cannot approve a correction you prepared. After a cutover, nothing can be recorded on or before its date. A mistaken approval can be withdrawn only while no sale has been costed from it; a posted correction is not withdrawn or reversed here, it needs a separately reviewed compensating operation, which is not built yet.

Related guides

• Correct stock under first in, first out
• Run your stock: order, receive, sell, count