Hello all, thank you for reading, i am finding this forum extremely helpful So here is another question for all you clever people!
whilst working out the stock figure to post into the P&L for this month i noticed that the last two months outstanding PO' s had been posted as debits instead of credits.
As the previous periods are still open i could go through and correct each stock journal. But then it not only throws out reported figures, (i dont think the MD is going to be too impressed that his GP is infact not as good as he was told Plus those PO'S have now passed through the system.
So my thoughts were that if for this month the opening balance is the correct ie what it should have been if the PO'S had been posted in the right way, then with the value of the stock this month plus Goods in transit and minus outstanding PO's we should have the correct closing stock balance?
Does this sound about right or am i way off track??
Plus those PO'S have now passed through the system.
