Difference in inventory
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 May 2012
Hello expert,
we have accounting for a manufacturing unit, on year closing we take inventory of unit but we found discrepancy e.g. invetory excess or short as per system inventory. How we can adjust it in the books plz advise me on this problem as soon as possible.
thanks & Regads,
ska
we have accounting for a manufacturing unit, on year closing we take inventory of unit but we found discrepancy e.g. invetory excess or short as per system inventory. How we can adjust it in the books plz advise me on this problem as soon as possible.
thanks & Regads,
ska
16 May 2012
You can adjust it in Cost of Good Sold ie in Consumption cost of the period.
This will need a policy on accounting for such differences on inventory verification and follow it consistently.
This will need a policy on accounting for such differences on inventory verification and follow it consistently.
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