End of Year inventory adjustment entry
Asked Jan 30, 2009, 02:13 PM
I have just discovered that the raw inventory amount reported on our balance sheet for 2007 was understated. I want the raw inventory numbers for 2008 to be correct. In order to correct this error I will need to increase my inventory. Can I do this, or do I need to amend my 2007 1120S? The adjustment will amount to >$20K. If I can make this adjustment through an entry, what will the offset entry be? Thanks for your help.