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hello, we are attempting to enter a back dated inventory adjustment for lot numbered items, but when we configure the inventory detail the quantity is reflecting the current quantity hand rather than the quantity on the transaction date. can someone please advise?

Can confirm that is the expected behaviour.
Could you elaborate on the adjustment you're trying to make?

it is an end of year true up for physical inventory

we're running into issues for negative IAs. i'm thinking we can create an IA as of today to add back the inventory, create an IA as of 12/31, and then delete/reverse the IA as of today?

Yes, that would be the way I would handle it (although you'll have to delete. you can't reverse them for the same reason you can't create the back-dated IAs now.)

However, what will you do about the transactions since 1st Jan that have used those lot numbers? There will now be 'underwater' sales/transactions. Do they get switched to a different batch? Is a different lot number what was actually shipped?