Hi nhill , your question relates to the use of AccountRight, which is NOT financial advice.
When you record an entry on the adjustment transaction, what account number do you enter? If you enter the inventory asset account, that will cause ever-increasing out-of-balances, because the adjusting journal that is created will debit/credit the same account. The account number should be somewhere in your cost of sales, eg an inventory adjustment account. AccountRIght will automatically post the other side of that entry to the asset account.
Hi Mike_James
Great advice as usual, however puzzled by your intro - what's the context?
Regards
Gavin
Hi gavin12345 , a message was posted just before mine indicating that the query amounted to seeking financial advice, and that should be sought from an accountant. That post has now been deleted. Some of us get immediate post updates...
Hi Mike_James
Ok - that makes sense - yes I saw another post where the 'moderator' referred to tax codes as 'finanical advice' and that the user should seek help from their 'financial advisor' - guess the AI engine still needs some work:)
Regards
Gavin
Thank you for your advice. The default account is meant to be a cost of sales account (stock adjustments) but I have noticed that it sometimes posts to my stock on hand (asset) account. It seems to alternate from one line to the next when I try to make multiple adjustments using the count inventory feature.
