Guidelines for Re-Opening a Stock Record

Re-opening a stock record should always be done with approval from the Accounts department to maintain financial accuracy and compliance with accounting procedures.

1. Re-Opening Within the Same Accounting Period

If the stock record was closed within the current period, follow these steps:

✅ Re-open the stock record using the original closure date
✅ Make the necessary adjustments (e.g., corrections to costs, sale price, or finance details)
✅ Re-close the deal using the same original date

? This ensures that adjustments remain within the same period and do not impact previously reported figures.

2. Re-Opening After the Accounting Period Has Closed

If the Management Accounts or VAT return has already been processed and an error is found later:

✅ Re-open the stock record using the current period date
✅ Make the necessary adjustments
✅ Close the deal again using the current period date

⚠️ Adjustments made after period closure will be reflected in the current period, not retroactively applied to the previous period.

3. Impact on Profit/Loss Reporting

• The original profit or loss will remain recorded in the period the deal was first closed
• Any adjustments made will be processed in the current period