Incorrect coding of stock purchases and sales

[EESA]

Some of our inventory cards were set up incorrectly when a new product was purchased and entered . Instead of being coded to purchases it was coded to opening stock.  The same has happened with sales, they have been also been coded to opening stock.

Looking at the general ledger for Opening stock, I see the incorrect entries but the amounts are different to the amounts on the bills and invoices.

How do I correct this?  Can I simply journal the figures in the ledger to purchases and sales.?

[Doreen_P]

Hi @EESA,

Thanks for your post.

Regarding your concern about incorrect coding of your stock, you can do journal to correct the figures for sales and purchases. I would also highly recommend speaking with your accountant for more information on how to record it accordingly.

Feel free to post again anytime if you require further assistance. 
 
If my response has answered your inquiry, please click "Accept as Solution" to assist other users in finding this information.

Best regards,

Doreen