Inventory Value - Average Cost - retrospective amendment
Hi,
Could I please get some assistance with investigating an inventory item change in average value please.
I have discovered that our Profit Figure for June is different to what we reported at the end of the month by $1201.14. The variance relates to an inventory item that has retrospectively amended its value in June reporting based on a supplier invoice processed in July.
Stock Item 02005201 - DYNACTAIR EVO 25 F10/F12 T27 A Actuator - Stock on hand was -1 valued at $3,395.00 - we had invoiced the customer but not entered the supplier invoice into our system yet. $3,395 cost came from the purchase order value. This is the value that was reported in June 2025 as COGS.
In July, we have processed the supplier invoice which has increased the average cost to $4,596.14, however, this value is now reflected in June 2025 reporting and changed our June net profit, decreased by $1201.14 difference.
I have never seen the system do this before. The adjustment has always been reflected in the same month the supplier invoice is processed. This is the only item this has happened to, and I am not sure why. Can I please get advice on how this might have happened and how it can be corrected.
Thanks,
Cherie