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Major error here. Looks like I entered the wrong amounts of harvested production (used 100% instead of our share) this happened in the prior year. Didn't notice til now when I'm completing the current year. We are incorporated and have an off calendar year end. How can I correct this? Suggestions please.
Hi Freda!
This shouldn't be too much of an issue to correct. First, determine by how much you need to reduce your inventory by. You will go into the Inventory Adjustment screen, and reduce your inventory there.
There are 2 options when determining how to properly make this entry:
1) You can back-date the transaction into the prior fiscal year. Date the transaction approximately the same date you would have used to enter the original production entry. Use Production as the transaction type, and quantity will be -XXX.XXX. This will reduce inventory in the prior year, and carry forward into the current year. I would consider this the "correct" way to do it, as the issue impacts the prior year, not just the current year.
2) You can use the first day of the current fiscal year, and use Opening Inventory as your transaction type. Quantity will be -XXX.XXX, as in the first option. I would discourage this if at all possible, but recognize that back dating the transaction may not be an option for you.
Either one of these options will get your inventory back into the position it is supposed to be. How you do it, depends on how you want to affect the prior year.
I hope this helps!