Can anyone tell me whether reversal of 501 movement type is possible after usage decision has been made. If possible please let me know what are steps to do it.
Possibly you can do that. You need to implement SAP note 175842. With this note you will get a program in to your system with which you can reverse the postings done through inspection lot.
First you should bring the stock back in quality inspection with reference to same inspection lot and material document. (Note 175842 helps for this)
Then the status of inspection lot becomes SPRQ again as if nothing was posted through this lot.
Now try to cancel original 501 movement document either through MBST or through MIGO.
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