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Ive made an error setting up my opening balances. I have set up an opening balance for feeder steers raised from birth 1400-08 and i should have used the account 1400-10 feeder steers purchased .... how can i reverse what i have done in order to add the correct entry..
thanks
Hi Kari,
Unfortunately, there's no way to Undo what was done, but we can make a couple of entries to correct your numbers. The downside is that those "opening balance" numbers are set so they will always look a teensy bit odd. We all have these errors, just consider them part of your books' personality.
To correct your numbers, you will need to enter two inventory adjustments. The first entry to reduce the quantity on hand and attached value for 1400-08 back down to zero. The second entry will be to increase (both quantity and value) the inventory on 1400-10 up to where it's supposed to be.
You can find more information about the inventory adjustment window at http://community.fccsoftwar...