When making adjustment for 1 item in the IC Adjustment module, by mistake a huge value was typed in in the cost. This is inturn affected the Average cost significantly. This mistake came to notice only after some items got sold at a later date.We tried our best to re-adjust with different values, but each time we try, it was not geting tallied with the  balance amount.

So as we had no other options, we took out the remaining quantity and cost from the inventory (using the IC Adjustment). And then used a new item code to enter the qty and amount. So that part was solved.

But when we take the IC ageing report, there is a huge amount showing excess.

Any help on how to sort this and similar issues (if any in future) will be highly appreciated?

Thanks

Banz

It's unfortunate that no one noticed the error until it was too late.  The system can only report on what it sees, there's no way to correct the aging report without either customizing it to exclude that bad item, or deleting the item from I/C items now that its QOH and Cost is zero. 

Dear Jay,

Thank you for your quick response. I hope none of these error figures are present (posted) in GL or any other related modules.

Thanks again.

Banz