Open the Stock Adjustment in Edit mode and change the status to Cancel. This will then cancel that Stock Adjustment.
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Some letters in the field names within the header are underlined, eg. Status. Using Alt+ the underlined letter will jump to the field beside that heading.
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A COGS Adjustment cannot be cancelled.
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How to
Add a Stock Adjustment
Add Stock to a Stock Adjustment
Unprint a Qty Stock Adjustment
View Stock Adjustments
Write off Stock Credited by Supplier
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