I am trying to solve a issue, for which I need expert help. So the issue is, our client has purchased item f.e. Item name AF2 for purchase price 7,149 three times, which is wrong. The Opening Balance for that item is 1,744 which is the correct price.We are using the average costing method. So when we are selling a product it is showing the average cost for item which is not correct. The cost for item should be 1744 when it is selling. How can I solve this issue? Is there any way to update the previous sales transaction item cost? (edited)

AI generated answer (using internal Slack threads):

Based on the conversations, it seems that you can correct the average costing for an item using inventory adjustments. Here's a step-by-step guide on how you can do it: 1. First, you need to adjust the inventory balance of the item to zero. You can do this by creating an inventory adjustment record and entering the total quantity of the item in your inventory as a negative number. This will effectively remove all units of the item from your inventory. 2. After adjusting the inventory balance to zero, you can then re-enter the item into your inventory with the correct cost. You can do this by creating another inventory adjustment record, but this time, you enter the total quantity of the item as a positive number and specify the correct cost. 3. It's recommended to do the inventory adjustment to zero and the re-entry of the item on different posting dates to keep things clean. 4. Also, depending on your system settings, the average cost on the item record may not be updated immediately after saving transactions. You can check your inventory costing preferences page to see how often the average cost is calculated. Please note that this method will only work if your costing rules treat the positive inventory adjustment as the "last" transaction. If not, you might have to do the transactions on different days. ****** Disclaimer: This response was generated by an artificial intelligence assistant based on previous conversations from multiple Slack channels, and may contain inaccuracies or mistakes. ******