Guidelines for Re-Opening a Stock Record

Re-opening a stock record should always be done with approval from the Accounts department.

1. Re-Opening Within the Same Period:

   • If the deal is still within the same accounting period when it was initially closed, you can re-open the stock record using the original closure date.
   • Make any necessary adjustments, then close the deal again using the same original date.

2. Re-Opening After the Period Has Closed:

   • If the Management Accounts or VAT return has already been processed and an error is discovered later, re-open the stock record using the current period you are working in.
   • Make the necessary adjustments with the current date, and close the deal within the current period.

3. Impact on Profit/Loss:

   • The original profit or loss will remain in the period in which the deal was first closed.
   • Only the adjustment will be processed in the current period.

By following this process, you help maintain accuracy in the accounts and prevent any imbalances.