Best Practice Guidelines: Stock Management 28/06/2024 (In development)
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10. Summary: Corrections (Flowchart)
10.2. Ledger Accounts: Adjustments
A Credit note will correct the following detail ledger accounts:
- The Creditor Account (CRE)
- Stock Movement
A Credit note will correct the following main ledger accounts:
- Creditors Control (CLI1)
- VAT Control (CLI2)
- Stock Control (CAS2)
Stock adjustment on the stock only involves two main ledger accounts namely:
- Stock adjustment account (eg EXP32)
- Stock control account (CAS2)
The transaction takes place on the detail ledger but then adds up to the main ledgers mentioned above.
Example of stock Adjustment and Credit note
The detail ledgers involved in the corrections of the stock
The detail level then adds up to the main ledger accounts
