I have a situation with a client where a GRN was processed at zero cost. When the supplier invoice arrived a second GRN was raised and linked to the supplier invoice. So now the stock items have a larger quantity than they should have and the average costs have been messed up. Plus there have been additional transactions since including where the tried to reverse it at a cost of R1.
I've attached an inventory sequence where I've shown what the average cost is and what it should be.
As I see it the only way to fix it is to reverse out the stock quantity and then adjust it back in at the correct average cost. (I know in this example that it's the same cost but I'm just clarifying the principle)
I would then need to process general journal entries to ensure that the Inventory Control Account agrees with my Inventory Valuation report.
Is there someone who knows of a better way of doing this so I don't have to process general journals?