Hi,
I need to apply a stock valuation correction to the valuation applied at FY end. This resulted from my incorrectly assessing the stock category summarisation as a basis for Closing Stock. I have entered the appropriate journals to close off the previous FY and the appropriate journals to populate the opening stock for the current FY. The previous FY accounts have been processed by our accountant and submitted to the appropriate authorities.
I have the amount to be adjusted but which accounts should the adjustment journal debit and credit?
Regards,
Nigel
Hello Nigel
I would recommend speaking to your accountant regarding this for professional tailored advice.
As we are not registered accountants nor bookkeepers, Its not something the support team can help with I’m afraid.
I’m sorry we could not help on this occasion.
If your accounts have been submitted then you can’t put an adjustment through in that year, unless your accountant is planning to submit amended accounts and an amended tax return. Check with them whether you need to adjust for it or not. They may just suggest you adjust the current year.
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